290Application for carrying out of investigation

290 Application for carrying out of investigation 291. Investigations 292. Conduct of investigations 293. Investigation of affairs of related corporation 294. Powers of Commission and inspectors appointed under corresponding law 295. Powers of inspectors 296. Examination of officers 297. Officer failing to comply with requirements of this Part 298. Record of examination 299. Admissibility of record of examination in evidence in proceedings against person examined 300. Admissibility in other proceedings of questions and answers at an examination 301. Weight of evidence 302. Credibility of person who answered questions 303. Determination of objection to admissibility of question and answer 304. Delegation by inspector 305. Reports of investigations 306. Provisions relating to reports 307. Commission’s powers in respect of books 308. Privileged communications 309. Expenses of investigation 310. Concealing, &c., of books of corporation 311. Power of Commission to make certain orders 312. Application for winding up 313. Certain powers not to be delegated PART VIII—ARRANGEMENTS AND RECONSTRUCTIONS 314. Crown to be bound 315. Power to compromise with creditors and members 316. Information as to compromise with creditors or members 317. Provisions for facilitating reconstruction and amalgamation of corporations 318. Acquisition of shares of shareholders dissenting from scheme or contract approved by majority 319. Notification of appointment of scheme manager and power of Court to require report PART IX—CONDUCT OF AFFAIRS OF COMPANY IN OPPRESSIVE OR UNJUST MANNER 320. Remedy in cases of oppression or injustice PART X—RECEIVERS AND MANAGERS 321. Interpretation 322. Crown to be bound 323. Disqualification for appointment as receiver 324. Liability of receiver 325. Power of Court to fix remuneration of receivers 326. Notification of appointment of receiver 327. Statement that receiver appointed 328. Provisions as to information where receiver appointed 329. Special provisions as to statement submitted to receiver 330. Lodging of accounts of receivers 331. Payments of certain debts out of property subject to floating charge in priority to claims under charge 332. Enforcement of duty of receiver to make returns PART XI—OFFICIAL MANAGEMENT 333. Interpretation 334. Crown to be bound 335. Power of company to call meeting of creditors to appoint official manager 336. Statement of affairs of company to be submitted to meeting of creditors of company 337. Power to adjourn meeting 338. Power of creditors to place company under official management 339. Appointment of committee of management 340. Notice of appointment and address of official manager 341. Effect of resolution 342. Six-monthly meetings of creditors and members 343. Stay of proceedings 344. Power to extend period of official management 345. Extension of period of official management 346. Appointment of official manager not to affect appointment and duties of auditor 347. Duties of official manager 348. Undue preferences in the case of official management 349. Application and disposal of property during official management 350. Official manager may apply to Court for directions 351. Certain provisions applicable to official management 352. Power of Court to terminate official management and give directions 353. Resolution to place company under official management effective, subject to appeal 354. Lodgment of office copy of Court order 355. Termination of appointment and release of official manager 356. Notification that corporation is under official management 357. Functions of committee of management and appointment of deputy official manager PART XII—WINDING UP 358. Crown to be bound 359. Modes of winding up 360. Liability as contributories of present and past members 361. Nature of liability of contributory 362. Contributories in case of death or bankruptcy of member Division 2—Winding up by the Court 363. Application for winding up 364. Circumstances in which company may be wound up by Court 365. Commencement of winding up by the Court 366. As to payment of preliminary costs, &c. 367. Powers of Court on hearing application 368. Avoidance of dispositions of property, attachments, &c. 369. Application to be lis pendens 370. Certain notices to be lodged with Commission 371. Effect of winding up order Subdivision B—Liquidators 372. Power of Court to appoint official liquidator 373. General provisions as to liquidators 374. Custody and vesting of company’s property 375. Statement of company’s affairs to be submitted to liquidator 376. Preliminary report by liquidator 377. Powers of liquidator 378. Settlement of list of contributories and application of property 379. Exercise and control of liquidator’s powers 380. Payment by liquidator into bank 381. Release of liquidators and dissolution of company 382. As to orders for release or dissolution Subdivision C—General Powers of Court 383. Power to stay or terminate winding up 384. Delivery of property to liquidators 385. Appointment of special manager 386. Claims of creditors and distribution of property 387. Inspection of books by creditors and contributories 388. Power to arrest absconding contributory 389. Delegation to liquidator of certain powers of Court 390. Powers of Court cumulative Division 3—Voluntary Winding Up Subdivision A—Introductory 391. Limitation on right to wind up voluntarily 392. Circumstances in which company may be wound up voluntarily 393. Commencement of winding up 394. Effect of voluntary winding up 395. Declaration of solvency Subdivision B—Provisions applicable only to Members’ Voluntary Winding Up 396. Liquidators 397. Duty of liquidator to call creditors’ meeting in case of insolvency Subdivision C—Provisions applicable only to Creditors’ Voluntary Winding Up 398. Meeting of creditors 399. Power to adjourn meeting 400. Liquidators 401. Execution and civil proceedings 402. Execution and civil proceedings against recognized companies Subdivision D—Provisions applicable to every Voluntary Winding Up 403. Distribution of property of company 404. Appointment of liquidator 405. Removal of liquidator 406. Review of liquidator’s remuneration 407. Acts of liquidator valid, &c. 408. Powers and duties of liquidator 409. Power of liquidator to accept shares, & c, as consideration for sale of property of company 410. Annual meeting of creditors 411. Final meeting and dissolution 412. Arrangement, when binding on creditors 413. Application to Court to have questions determined or powers exercised 414. Costs Division 4—Provisions applicable to every Mode of Winding Up 415. Interpretation 416. Books to be kept by liquidator 417. Disqualification of liquidators 418. Reports by liquidator 419. Liquidators to enjoy qualified privilege in certain circumstances 420. Supervision of liquidators 421. Notice of appointment and address of liquidator 422. Liquidator’s accounts 423. Liquidator to make good defaults 424. Notification that a corporation is in liquidation 425. Books of company 426. Investment of surplus funds on general account 427. Unclaimed property to be paid to Minister 428. Companies Liquidation Account 429. Expenses of winding up where property insufficient 430. Resolutions passed at adjourned meetings of creditors and contributories 431. Meetings to ascertain wishes of creditors or contributories Subdivision B—Committees of Inspection 432. Convening of meetings by liquidator for appointment of committee of inspection 433. Proceedings of committee of inspection 434. Vacancies on committee of inspection 435. Member of committee not to accept extra benefit 436. Powers of Court where no committee of inspection Subdivision C—Proof and Ranking of Claims 437. Interpretation 438. Proofs of debts 439. Computation of debts 440. Debts proved to rank equally except as otherwise provided 441. Priority payments 442. Orders under section 309 or under section 33 of Securities Industry Act 443. Debts due to employees 444. Debts of a class to rank equally 445. Advances in respect of wages and leave of absence 446. Priority of employees’ claims over floating charges 447. Insurance against liabilities to third parties 448. Provisions relating to injury compensation 449. Priority where security given for payment of taxes 450. Power of Court to make orders in favour of certain creditors Subdivision D—Effect on other Transactions 451. Undue preferences 452. Effect of floating charge 453. Liquidator’s right to recover in respect of certain transactions 454. Disclaimer of onerous property 455. Executions, attachments, & c, before winding up 456. Duties of sheriff after receiving notice of application Subdivision E—Offences 457. Prosecution of delinquent officers and members Subdivision F—Dissolution 458. Power of Court to declare dissolution of company void 459. Power of Commission to deregister defunct company 460. Commission to act as representative of defunct company in certain events 461. Oustanding property of defunct company to vest in Commission 462. Outstanding interests in property, how disposed of 463. Liability of Commission and Commonwealth as to property vested in Commission 464. Accounts Division 5—Reciprocity with Participating States and Participating Territories 465. Recognition and enforcement in the Territory of order made in a participating State or participating Territory in relation to a recognized company or recognized foreign company 466. Exercise by the Court of powers or functions in relation to a recognized company or recognized foreign company 467. Power of Registrar to request Supreme Court of a participating State or participating Territory to exercise or perform powers or functions 468. Powers and functions in the Territory of liquidators of recognized companies or recognized foreign companies Division 6—Winding Up of Bodies other than Companies 469. Application 470. Winding up of bodies to which this Division applies 471. Contributories in winding up of a body to which this Division applies 472. Power of Court to stay or restrain proceedings Division 7—Miscellaneous 473. Outstanding property of defunct body formed within Australia 474. Outstanding property of defunct body formed outside Australia PART XIII—VARIOUS TYPES OF COMPANIES Division 1—No Liability Companies 475. Application of Act to no liability companies 476 Shareholder not liable to calls or contributions 477. Dividends payable on shares held irrespective of amount paid up on shares 478. Calls, when due 479. Forfeiture of shares 480. Provisions as to sale of forfeited shares 481. As to shares held by or in trust for company 482. Sale of shares on non-payment of calls valid although specific numbers not advertised 483. Postponement of sale 484. Redemption of forfeited shares 485. Office to be open the day before sale 486. Distribution of surplus where cessation of business upon winding up 487. Distribution of surplus where cessation of business within 12 months 488. As to rights attaching to preference shares issued to promoters 489. Restrictions on tribute arrangements Division 2—Investment Companies 490. Interpretation 491. Restriction on borrowing by investment companies 492. Restriction on investments of investment companies 493. Restriction on underwriting by investment companies 494. Special requirements as to articles and prospectus 495. Investment company not to hold shares in other investment companies 496. Investment company not to speculate in commodities 497. Balance-sheets and accounts 498. Investment fluctuation reserve 499. Penalties Division 3—Companies Carrying on Business Outside the Territory 500. Interpretation 501. Notification of principal office in participating State or Territory 502. Notice to be given of change or alteration in principal office in participating State or Territory 503. Notice to be lodged of cessation of business in participating State or Territory 504. Offences Division 4—Recognized Companies and Recognized Foreign Companies 505. Interpretation 506. Power to hold land 507. Recognized company or recognized foreign company to have a principal office 508. Name of recognized company or recognized foreign company to be reserved or registered 509. Publication of name, &c., of recognized company or recognized foreign company Division 5—Foreign Companies other than Recognized Foreign Companies 510. Interpretation 511. Power of foreign companies to hold land 512. Unregistered foreign company not to establish place of business or carry on business in the Territory 513. Registered office of registered foreign company 514. Agents 515. Notice to be filed where documents, &c., altered 516. Balance-sheets and other documents 517. Publication of name, &c., of foreign company 518. Cessation of business, &c. 519. Name of foreign company to be struck off register 520. Restriction on use of certain names 521. Branch register of shares in foreign company 522. Registration of shares in branch register 523. Removal of shares from branch register 524. Index of members and inspection and closing of branch registers 525. Branch register to be prima facie evidence 526. Certificate as to shareholding 527. Penalties PART XIV—MISCELLANEOUS Division 1—General 528. Service of documents on company 529. Service of documents on recognized company or recognized foreign company 530. Service of documents on registered foreign company 531. Vesting of property 532. Parts of dollar to be disregarded in determining majority in value of creditors, &c. 533. Costs 534. Disposal of securities if whereabouts of holder unknown 535. Power to grant relief 536. Power of Court to give directions with respect to meetings ordered by the Court 537. Appeals from decisions of Commission 538. Appeals from decisions of receivers, liquidators, &c. 539. Irregularities 540. Power of Commission to intervene in proceedings 541. Examination of persons concerned with corporations 542. Orders against persons concerned with corporations 543. Civil proceedings not to be stayed 544. Form and evidentiary value of books 545. Inspection of books 546. Location of books kept on computers, &c. 547. Location of registers 548. Translations of instruments 549. Certificate of incorporation conclusive evidence 550. Admissibility of books in evidence 551. Court may compel compliance Division 2—Offences 552. Restriction on offering shares, debentures, &c., for subscription or purchase 553. Interpretation 554. Offences by officers of certain companies 555. Liability where proper accounts not kept 556. Offences relating to incurring of debts or fraudulent conduct 557. Powers of Court 558. Certain rights not affected 559. Inducement to be appointed liquidator or official manager 560. Falsification of books 561. Frauds by officers 562. Court may disqualify person from acting as director, &c., in certain circumstances 563. False or misleading statements 564. False reports 565. Dividends payable from profits only 566. Restriction on use of words “Limited” and “No Liability” 567. Restriction on use of word “Proprietary” 568. Reciprocity in relation to offences 569. Offences committed partly in and partly out of the Territory 570. General penalty provisions 571. Continuing offences 572. Officers and other persons in default 573. Power of Court to prohibit payment or transfer of moneys, securities or other property 574. Injunctions 575. Power of Court to punish for contempt of Court Division 3—Rules and Regulations 576. Rules 577. Regulations Division 4—Miscellaneous 578. Non-application of rule against perpetuities to certain schemes 579. Act not to apply to trade unions 580. Operation of Life Insurance Act 581. Operation of Workmen’s Compensation Supplementation Fund Ordinance