CORPORATIONS ACT 2001
- SECT 347A
Directors must pass a solvency resolution after each review date

(1)

The directors of a company must pass a solvency resolution within 2 months after each review date for the company.

(2)

Subsection (1) does not apply to the directors of a company that has lodged a financial report with ASIC under Chapter 2M within the period of 12 months before the review date.

Note: The defendant bears an evidential burden in relation to the matter in subsection (2). See subsection 13.3(3) of the Criminal Code.

(3)

An offence based on this section is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.