Co-operatives National Law (Queensland)
sec.424Court need not approve compromise or arrangement takeovers
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sec.424 Court need not approve compromise or arrangement takeovers
The Supreme Court need not approve a compromise or arrangement unless— it is satisfied the compromise or arrangement has not been proposed for enabling a person to avoid the operation of any provision of Division 2 of Part 3.5 ; and there is produced to the court a written statement by the Registrar stating the Registrar has no objection to the compromise or arrangement. The Supreme Court need not approve a compromise or arrangement merely because a statement by the Registrar stating the Registrar has no objection to the compromise or arrangement has been produced to the court. (sec.424-ssec.1) The Supreme Court need not approve a compromise or arrangement unless— it is satisfied the compromise or arrangement has not been proposed for enabling a person to avoid the operation of any provision of Division 2 of Part 3.5 ; and there is produced to the court a written statement by the Registrar stating the Registrar has no objection to the compromise or arrangement. (sec.424-ssec.2) The Supreme Court need not approve a compromise or arrangement merely because a statement by the Registrar stating the Registrar has no objection to the compromise or arrangement has been produced to the court.
- (a) it is satisfied the compromise or arrangement has not been proposed for enabling a person to avoid the operation of any provision of Division 2 of Part 3.5 ; and
- (b) there is produced to the court a written statement by the Registrar stating the Registrar has no objection to the compromise or arrangement.