Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p109
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 109/110)
Character Range: 428242–431022

service' means:

  (a)     electricity; or

  (b)     gas; or

  (c)     water; or

    (d)     a telecommunications service within the meaning of the Telecommunications Act 1991;

'relevant authority', in relation to an eligible company, means:

  (a)     the liquidator; or

  (b)     the provisional liquidator; or

  (c)     the administrator of the company; or

  (d)     the administrator of the deed of company arrangement; or

   (e) the receiver, or receiver and manager;

as the case requires.

"Division 4—Transitional".

121. After section 1091 of the Corporations Law the following section is inserted:

Rights of trustee of estate of bankrupt shareholder

  "1091A.(1) Where:

     (a)     because of the Bankruptcy Act 1966, a share in a company, being part of the property of a bankrupt, vests in the trustee of the bankrupt's estate; and

   (b)     the bankrupt is the registered holder of that share;

this section applies whether or not the trustee has been registered as the holder of the share.

"(2) On producing such information as the company's directors properly require, the trustee is entitled to:

   (a)     the same dividends and other benefits; and

     (b)     the same rights, for example, but without limitation, rights in relation to:

       (i) meetings of the company; or

      (ii) documents, including notices of such meetings; or

      (iii) voting; or

      (iv) inspection of the company's records;

as the bankrupt would be entitled to if he or she were not a bankrupt.

  "(3) The trustee has the same rights:

   (a)     to transfer the share; and

     (b)     to require a person to do an act or give a consent in connection with completing or registering a transfer of the share;

as the bankrupt would have if he or she were not a bankrupt.

"(4) If the trustee transfers the share, the transfer is as valid as if the trustee had been registered as the holder of the share when the trustee executed the instrument of transfer.

"(5) A person or body whose consent or approval is required for the transfer of shares in the company must not unreasonably withhold consent or approval for the transfer of the share by the trustee.

"(6) A person who contravenes subsection (5) is not guilty of an offence.

  "(7) If:

  (a) the company's constitution requires:

         (i) the share to be offered for purchase to a member of the company; or

         (ii) an invitation to buy the share to be issued to such a member; and

     (b) as at the end of a reasonable period after the trustee so offers the share, or so issues such an invitation, no such member has agreed to buy the share from the trustee at a reasonable price;

the trustee may sell and transfer the share to a person other than such a member.

"(8) A provision