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CORPORATIONS ACT 2001

CHAPTER 2N - UPDATING ASIC INFORMATION ABOUT COMPANIES AND REGISTERED SCHEMES    View history reference

PART 2N.3 - SOLVENCY RESOLUTION    View history reference

SECTION 347A  DIRECTORS MUST PASS A SOLVENCY RESOLUTION AFTER EACH REVIEW DATE  

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347A(1)  [ Time limit]  


The directors of a company must pass a solvency resolution within 2 months after each review date for the company.

347A(2)  [ Exception]  


Subsection (1) does not apply to the directors of a company that has lodged a financial report with ASIC under Chapter 2M within the period of 12 months before the review date.

Note: The defendant bears an evidential burden in relation to the matter in subsection (2). See subsection 13.3(3) of the Criminal Code .

347A(3)  [ Strict liability offence]  


An offence based on this section is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .


 



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