Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1562

  (1)   If:

  (a)   within 2 years before the commencement day, an event of a kind mentioned in subsection   35 - 1(1) of the Insolvency Practice Schedule (Corporations) occurs in relation to an old Act registrant; and

  (b)   the old Act registrant has not already informed ASIC in writing of the event before the commencement day;

the old Act registrant must lodge with ASIC a notice, in the approved form, relating to the event.

  (2)   The notice must be lodged:

  (a)   if the old Act registrant is or could reasonably be expected to be aware of the event on or before the commencement day--within one month after the commencement day; or

  (b)   if paragraph   (a) is not satisfied, but the old Act registrant is or could reasonably be expected to be aware of the event after the commencement day--within one month after the first day on which the old Act registrant is or could reasonably be expected to be aware of the event.

  (3)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (1) within the period specified in subsection   (2); and

  (b)   the person intentionally or recklessly fails to comply with the requirement within that period.

Penalty:   100 penalty units.