sec.156Disqualification during bankruptcy

### sec.156 Disqualification during bankruptcy A person can not be a councillor while the person is a bankrupt. A person is a bankrupt if, under a bankruptcy law— the person is an undischarged bankrupt; or the person has executed a deed of arrangement, and the terms of the deed have not been fully complied with; or the person’s creditors have accepted a composition, and a final payment has not been made under the composition. A bankruptcy law is— the Bankruptcy Act 1966 (Cwlth) ; or a corresponding law of another jurisdiction, including a jurisdiction outside Australia. A person automatically stops being a councillor when the person becomes a bankrupt. (sec.156-ssec.1) A person can not be a councillor while the person is a bankrupt. (sec.156-ssec.2) A person is a bankrupt if, under a bankruptcy law— the person is an undischarged bankrupt; or the person has executed a deed of arrangement, and the terms of the deed have not been fully complied with; or the person’s creditors have accepted a composition, and a final payment has not been made under the composition. (sec.156-ssec.3) A bankruptcy law is— the Bankruptcy Act 1966 (Cwlth) ; or a corresponding law of another jurisdiction, including a jurisdiction outside Australia. (sec.156-ssec.4) A person automatically stops being a councillor when the person becomes a bankrupt. - (a) the person is an undischarged bankrupt; or - (b) the person has executed a deed of arrangement, and the terms of the deed have not been fully complied with; or - (c) the person’s creditors have accepted a composition, and a final payment has not been made under the composition. - (a) the Bankruptcy Act 1966 (Cwlth) ; or - (b) a corresponding law of another jurisdiction, including a jurisdiction outside Australia.