72Special provisions with respect to winding up of loan fund companies

72 Special provisions with respect to winding up of loan fund companies

72 Special provisions with respect to winding up of loan fund companies

(1) In its application to a loan fund company, the Companies (New South Wales) Code shall be read as if:

(a) after section 363 (1) the following sub-section had been inserted:

(1A) Without prejudice to the application of sub-section (1) to a loan fund company within the meaning of the Loan Fund Companies Act 1976, such a company may be wound up under an order of the Court on the application of the Supervisor of Loan Fund Companies or on the application of the Supervisor of Loan Fund Companies and one or more of the parties specified in that sub-section.

(b) the word “or” had been omitted from section 364 (1) (h) where lastly occurring,

(c) the words “wound up.” had been omitted from section 364 (1) (j) and the words “wound up; or” had been inserted instead,

(d) after section 364 (1) (j), the following paragraph had been inserted:

(k) in the case of a loan fund company within the meaning of the Loan Fund Companies Act 1976:

(i) the company has failed to lodge with the Supervisor of Loan Fund Companies any return or document required to be lodged with the Supervisor under section 23, or to comply with a notice served on the company under section 24, of that Act,

(ii) the company, if formed after the date of assent to that Act, does not, at the date of the making of the application to the Court to wind up the company, have assets (less current liabilities), valued at their current market value, of $5,000,000 or more, or

(iii) the Supervisor of Loan Fund Companies has, after holding an inquiry under Division 2 of Part 6 of that Act, reported that the Supervisor is of the opinion that the company cannot pay its debts and should be wound up, or that it is in the interests of the public or of the shareholders or of the creditors of the company or of persons who hold options to acquire loan entitlement shares in the company that the company should be wound up.

(e) after the words “Securities Industry (New South Wales) Code” in section 441 (j), the words “or pursuant to a direction given under section 55 (2) of the ” had been inserted,