Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p89
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 219333–222123

for and in relation to the giving by the Court of directions with respect to the payment, deposit or custody of money payable to or into the possession of a liquidator, or of bills, notes or other securities so payable; and

     (f) provide for—
          (i) the payment by a liquidator of interest at such rate, on such amount and in respect of such period as is prescribed;
          (ii) disallowance of all or of such part as is prescribed of the remuneration of a liquidator;
          (iii) the removal from office of a liquidator by the Court; and
          (iv) the payment by a liquidator of any expenses occasioned by reason of his default,
      where a liquidator contravenes or fails to comply with regulations made under this section.
"(2) Regulations made under this section may apply generally or in relation to windings up included in a particular class of windings up.".

Prosecution of delinquent officers and members
113. Section 457 of the Principal Act is amended—
     (a) by omitting from sub-section (4) "or producing a document" and "or document";
     (b) by omitting from sub-section (5) "an officer" (first occurring) and substituting "a person who is an officer of the company"; and
     (c) by omitting paragraph (5) (a) and substituting the following paragraph:
          "(a) a person who has at any time been an officer of the company as defined in that sub-section or in the corresponding provision of a previous law of the Territory; and".

Power of Commission to deregister defunct company
114. Section 459 of the Principal Act is amended by adding at the end of sub-section (7) ", but failure of the Commission to do so does not affect the validity of the reinstatement".

Special requirements as to articles and prospectus
115. Section 494 of the Principal Act is amended—
     (a) by omitting sub-section (1) and substituting the following sub-section:
     "(1) An investment company shall not issue a prospectus or permit a prospectus to be issued on its behalf unless the prospectus—
          (a) where the memorandum of the company contains a provision stating the objects of the company—
              (i) specifies the type of security in which, in accordance with the objects of the company, the company may invest; and
              (ii) states whether it is among the objects of the company to invest in Australia or outside Australia or both; or

          (b) where the memorandum of the company does not contain a provision stating the objects of the company—states that the memorandum does not contain such a provision."; and
     (b) by omitting from sub-section (2) "paragraphs (1) (a) and (b)" and substituting "paragraph (1) (a) or (b), as the case requires".

Notice to be lodged where documents, &c., altered
116. Section 515 of