AI Summary of 25. Amendment of section 436 of Principal Act
Section 436 of the Principal Act has been amended to replace the phrase "prescribed form" in subsection (1) with "prescribed form specifying the information referred to in subsection (1A)". This change underscores the necessity for detailed information in the notice regarding the appointment of a receiver.
Furthermore, a new subsection (1A) has been added, which mandates that the notice must include specific information: details of the property of the company in respect of which the receiver is appointed, the date of the receiver's appointment, the nature of the appointment, whether the company will continue to trade post-appointment, and any further information that may be prescribed. Lastly, subsection (2) has been revised to state that the relevant notice should be issued "within 7 days after the date on which he or she so ceases" instead of the previous phrasing.
25. Amendment of section 436 of Principal Act
Section 436 of the Principal Act is amended -
(a) in subsection (1), by the substitution of "prescribed form specifying the information referred to in subsection (1A)" for "prescribed form",
(b) by the insertion of the following subsection after subsection (1):
"(1A) The notice referred to in subsection (1) shall specify the following information:
(a) the property of the company in respect of which the receiver is appointed;
(b) the date of appointment of the receiver;
(c) the nature of the appointment of the receiver in respect of the property concerned;
(d) whether the company will continue to trade following the appointment of the receiver;
(e) such further or other information as may be prescribed.",
and
(c) in subsection (2), by the substitution of "within 7 days after the date on which he or she so ceases" for "on so ceasing".