Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 843D

  (1)   The object of subsection   (2) is to ensure that a self - executing provision:

  (a)   cannot start to apply against a body corporate for certain reasons; and

  (b)   can be the subject of a Court order providing that the provision can only start to apply against a body corporate with the leave of the Court, and in accordance with such terms (if any) as the Court imposes.

  (2)   Sections   843A to 843C apply in relation to a self - executing provision in a corresponding way to the way those sections apply in relation to a right. For this purpose, assume those sections apply with such modifications as are necessary, including any prescribed by the regulations for the purposes of this subsection.

Note 1:   This subsection achieves the object in subsection   (1) by extending the application of all of the outcomes, exceptions and powers in sections   843A to 843C.

Note 2:   These modifications include, for example, treating:

(a)   a reference that a right cannot be enforced (however described) as including a reference that a self - executing provision cannot start to apply; and

(b)   the words "if the right arises for that reason by express provision (however described) of an arrangement" as being omitted from subsections   843A(1) and (2); and

(c)   a reference that one or more rights are enforceable as including a reference that one or more self - executing provisions can start to apply.

  (3)   In this section:

"self-executing provision" means a provision of an arrangement that can start to apply automatically:

  (a)   for one or more reasons; and

  (b)   without any party to the arrangement making a decision that the provision should start to apply.