A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

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  

 View history reference

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.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page