418Persons disqualified from administering compromise or arrangement

418 Persons disqualified from administering compromise or arrangement

418 Persons disqualified from administering compromise or arrangement

(1) Except with the leave of the Supreme Court, a person must not be appointed to administer, and must not administer, a compromise or arrangement approved under this Law between a co-operative and any of its creditors or members, whether by the terms of the compromise or arrangement or under a power given by the terms of a compromise or arrangement, if the person—

(a) is a mortgagee of a property of the co-operative; or

(b) is an auditor or an officer of the co-operative; or

(c) is an officer of a corporation that is a mortgagee of property of the co-operative; or

(d) is not a registered liquidator, unless the person is a corporation authorised under a law of this jurisdiction to administer the compromise or arrangement concerned; or

(e) is an officer of a corporation related to the co-operative; or

(f) unless the Registrar directs in writing that this paragraph does not apply in relation to the person and the co-operative—has within the last year been an officer or promoter of the co-operative or of a related corporation.

(2) This section does not disqualify a person from administering a compromise or arrangement under an appointment validly made before the commencement of this section in this jurisdiction.