Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) ASIC may include, in a return of particulars for a company, a requirement that the company comply with subsection (2) or subsection (3). The company may choose which subsection to comply with.
Note: This section does not apply to CCIVs: see subsection 1232U(2).
(2) The company complies with this subsection if:
(a) before the company lodges a response to the return of particulars, the directors of the company pass a solvency resolution; and
(b) the response to the return of particulars states whether the resolution passed was a positive solvency resolution or a negative solvency resolution.
(3) The company complies with this subsection if the response to the return of particulars states the date on which the directors passed a positive solvency resolution under section 347A in respect of the company's most recent review date.