Document ID: chunk:federal_register_of_legislation:C2024A00087:clause:2_853m
Version: federal_register_of_legislation:C2024A00087
Segment Type: clause
Provision Reference: sch 2 cl 853M
Character Range: 296527–297348

853M  When an individual has been a core officer of a corporation unable to pay its debts
  This section applies to an individual in relation to a corporation if, within the last 7 years:
 (a) the individual was a core officer of the corporation when the corporation was an FMI licensee; and
 (b) the corporation was wound up either:
 (i) while the individual was a core officer of the corporation; or
 (ii) within the 12 months after the individual ceased to be a core officer of the corporation; and
 (c) a liquidator lodged a report under subsection 533(1) (including that subsection as applied by section 526‑35 of the Corporations (Aboriginal and Torres Strait Islander) Act 2006) about the corporation's inability to pay its debts.

Subdivision B—Matters relating to financial market infrastructure banning orders