Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p51
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 51/110)
Character Range: 282721–285366

appointed, 2 or more persons may be appointed as administrators of the company.

"(2) Where, because of subsection (1), there are 2 or more administrators of a company:

    (a)     a function or power of an administrator of the company may be performed or exercised by any one of them, or by any 2 or more of them together, except so far as the instrument or resolution appointing them otherwise provides; and

    (b)     a reference in this Law to an administrator, or to the administrator, of a company is, in the case of the first-mentioned company, a reference to whichever one or more of those administrators the case requires.

Appointment of 2 or more administrators of deed of company arrangement

"451B.(1) Where a provision of this Law provides for an administrator of a deed of company arrangement to be appointed, 2 or more persons may be appointed as administrators of the deed.

"(2) Where, because of subsection (1), there are 2 or more administrators of a deed of company arrangement:

    (a)    a function or power of an administrator of the deed may be performed or exercised by any one of them, or by any 2 or more of them together, except so far as the deed, or the

     resolution or instrument appointing them, otherwise provides; and

    (b)    a reference in this Law to an administrator, or to the administrator, of a deed of company arrangement is, in the case of the first-mentioned deed, a reference to whichever one or more of those administrators the case requires.

Effect of things done during administration of company

"451C. A payment made, transaction entered into, or any other act or thing done, in good faith, by, or with the consent of, the administrator of a company under administration:

  (a)     is valid and effectual for the purposes of this Law; and

  (b)     is not liable to be set aside in a winding up of the company.

Time for doing act does not run while act prevented by this Part

  "451D. Where:

    (a)     for any purpose (for example, the purposes of a law, agreement or instrument) an act must or may be done within a particular period or before a particular time; and

    (b)     this Part prevents the act from being done within that period or before that time;

the period is extended, or the time is deferred, because of this section, according to how long this Part prevented the act from being done.".

57. The respective headings to Part 5.4 of the Corporations Law, and to Division 1 of that Part, are repealed and the following Part and heading are substituted:

"PART 5.4—WINDING UP IN INSOLVENCY

    "Division 1—When company to be wound up in insolvency

Order