Section 1585 — Corporations Act 2001: Application of new provisions about exercise of powers while company under external administration

Application of new section 198G (1) Section 198G (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016) applies in relation to an exercise of power or a performance of a function that occurs on or after the commencement day. Approval under old Act continues to have effect (2) If, under subsection 499(4) of the old Act, a committee of inspection or the company’s creditors give approval for a director of the company to continue to perform or exercise the director’s powers or functions, subsections 198G(1) and (2) (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016) do not apply in relation to the director.