Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p68
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 68/110)
Character Range: 325160–327921

requiring the person to deliver to the liquidator, as specified in the notice, books so specified that are in the person's possession.

"(5) A notice under subsection (4) must specify a period of at least 3 days as the period within which the notice must be complied with.

"(6) A person must comply with a notice under subsection (4) except so far as the person is entitled, as against the company and the liquidator, to retain possession of the books.

  "(7) In this section:

'liquidator' includes a provisional liquidator.

Warrant to search for, and seize, company's property or books

  "530C.(1) The Court may issue a warrant under subsection (2) if:

    (a)     a company is being wound up or a provisional liquidator of a company is acting; and

    (b)     on application by the liquidator or provisional liquidator, as the case may be, by the Commission, the Court is satisfied that a person:

         (i) has concealed or removed property of the company with the result that the taking of the property into the custody or control of the liquidator or provisional liquidator will be prevented or delayed; or

         (ii) has concealed, destroyed or removed books of the company or is about to do so.

"(2) The warrant may authorise a specified person, with such help as is reasonably necessary:

    (a)     to search for and seize property or books of the company in the possession of the person referred to in subsection (1); and

    (b)     to deliver, as specified in the warrant, property or books seized under it.

"(3) In order to seize property or books under the warrant, the specified person may break open a building, room or receptacle where the property is or the books are, or where the person reasonably believes the property or books to be.

"(4) A person who has custody of property or a book because of the execution of the warrant must retain it until the Court makes an order for its disposal.".

Books to be kept by liquidator

88. Section 531 of the Corporations Law is amended by inserting "or provisional liquidator" after "liquidator".

Disqualification of liquidator

  89. Section 532 of the Corporations Law is amended:

  (a) by inserting before subsection (1) the following subsection:

      "(1A) In this section:

     'liquidator' includes a provisional liquidator.";

    (b) by omitting from subsection (5) "carried by a majority of the creditors in number and value present and voting, either in person or by proxy, at a meeting" and substituting "of the creditors passed at a meeting of the creditors".

When liquidator has qualified privilege

90. Section 535 of the Corporations Law is amended by adding at the end the following subsection:

  "(2) In this section:

'liquidator' includes a provisional