Document ID: chunk:federal_register_of_legislation:C2020A00003:clause:4_31
Version: federal_register_of_legislation:C2020A00003
Segment Type: clause
Provision Reference: sch 4 cl 31
Character Range: 95251–96419

31  Subsections 80(2) and (3)
Repeal the subsections, substitute:

When a person is not a fit and proper person
 (2) For the purposes of paragraph (1)(f), ASIC must have regard to the matters in section 37B.

When a person has been an officer of a corporation unable to pay its debts
 (3) This subsection applies to a person in relation to a corporation if, within the last 7 years:
 (a) the person was an officer (within the meaning of the Corporations Act 2001) of the corporation when the corporation was:
 (i) engaging in credit activities; or
 (ii) carrying on a financial services business (within the meaning of the Corporations Act 2001); and
 (b) the corporation was wound up either:
 (i) while the person was such an officer of the corporation; or
 (ii) within the 12 months after the person ceased to be such an officer of the corporation; and
 (c) a liquidator lodged a report under subsection 533(1) of the Corporations Act 2001 (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.

Person to be given an opportunity to be heard