sec.125Notice of suspected insolvency otherwise than because of direction or notification

### sec.125 Notice of suspected insolvency otherwise than because of direction or notification If— a GOC’s board suspects that the GOC or a subsidiary of the GOC is, may be, will or may become insolvent; and in the board’s opinion, compliance with a direction or notification given by the shareholding Ministers is not or would not be the cause or a substantial cause of the suspected insolvency; the board must immediately give written notice to the shareholding Ministers and the auditor-general of— the suspicion; and its reasons for the opinion. The notice must state that it is given under this section. If the shareholding Ministers are satisfied that the board’s suspicion is well-founded, the shareholding Ministers must immediately give the board the written directions that the shareholding Ministers consider necessary or desirable, including any directions necessary or desirable to ensure— that the GOC or subsidiary does not incur further debts; or that the GOC or subsidiary will be able to pay all its debts as and when they become due. Without limiting subsection (3) , a direction under this section may require the GOC or any of its subsidiaries to cease or limit particular activities. The board must ensure that a direction under this section is complied with in relation to the GOC and must, as far as practicable, ensure that it is complied with in relation to its subsidiaries. The shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given. This section is in addition to, and does not limit, another provision of this Act or another law. This section has effect despite the Corporations Act . s 125 amd 2001 No. 45 s 29 sch 3 (sec.125-ssec.1) If— a GOC’s board suspects that the GOC or a subsidiary of the GOC is, may be, will or may become insolvent; and in the board’s opinion, compliance with a direction or notification given by the shareholding Ministers is not or would not be the cause or a substantial cause of the suspected insolvency; the board must immediately give written notice to the shareholding Ministers and the auditor-general of— the suspicion; and its reasons for the opinion. (sec.125-ssec.2) The notice must state that it is given under this section. (sec.125-ssec.3) If the shareholding Ministers are satisfied that the board’s suspicion is well-founded, the shareholding Ministers must immediately give the board the written directions that the shareholding Ministers consider necessary or desirable, including any directions necessary or desirable to ensure— that the GOC or subsidiary does not incur further debts; or that the GOC or subsidiary will be able to pay all its debts as and when they become due. (sec.125-ssec.4) Without limiting subsection (3) , a direction under this section may require the GOC or any of its subsidiaries to cease or limit particular activities. (sec.125-ssec.5) The board must ensure that a direction under this section is complied with in relation to the GOC and must, as far as practicable, ensure that it is complied with in relation to its subsidiaries. (sec.125-ssec.6) The shareholding Ministers must cause a copy of the direction to be published in the gazette within 21 days after it is given. (sec.125-ssec.7) This section is in addition to, and does not limit, another provision of this Act or another law. (sec.125-ssec.8) This section has effect despite the Corporations Act . - (a) a GOC’s board suspects that the GOC or a subsidiary of the GOC is, may be, will or may become insolvent; and - (b) in the board’s opinion, compliance with a direction or notification given by the shareholding Ministers is not or would not be the cause or a substantial cause of the suspected insolvency; - (c) the suspicion; and - (d) its reasons for the opinion. - (a) that the GOC or subsidiary does not incur further debts; or - (b) that the GOC or subsidiary will be able to pay all its debts as and when they become due.