Page 5770 - Week 15 - Thursday, 10 December 2009

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3

Clause 42

Proposed new section 201A (1)

Page 27, line 10—

omit proposed new section 201A (1), substitute

(1) This section applies if—

(a) the chief executive is entitled to recover an amount from a corporation under—

(i) section 149 (Failure to maintain compulsory insurance policy—chief executive entitled to recovery amount); or

(ii) section 162A (Avoiding payment of premium—chief executive entitled to recovery amount); or

(b) a corporation fails to maintain a compulsory insurance policy with an approved insurer and an amount is owed by the corporation to the DI fund under section 171I (1) (c) (Effect of payment of claims).

4

Clause 42

Proposed new section 201A (2)

Page 27, line 15—

omit

5

Clause 42

Proposed new section 201A (3)

Page 27, line 19—

after

the amount

insert

(or part of it)

6

Clause 42

Proposed new section 201A (3A)

Page 27, line 21—

insert

(3A) If the chief executive recovers an amount (the recovered amount) from a culpable executive officer of a corporation under subsection (3), any amount owed by the corporation as a debt to the DI fund for a matter to which the recovered amount relates is reduced by the recovered amount.

7

Clause 42

Proposed new section 201A (4)

Page 27, line 22—

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