Co-operatives National Law (NSW)
418Persons disqualified from administering compromise or arrangement
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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.