Section 348C — Corporations Act 2001: ASIC may require a solvency resolution and statement

(1) ASIC may include, in a return of particulars for a company, a requirement that the company comply with subsection (2) or subsection (3). The company may choose which subsection to comply with. Note: This section does not apply to CCIVs: see subsection 1232U(2). (2) The company complies with this subsection if: (a) before the company lodges a response to the return of particulars, the directors of the company pass a solvency resolution; and (b) the response to the return of particulars states whether the resolution passed was a positive solvency resolution or a negative solvency resolution. (3) The company complies with this subsection if the response to the return of particulars states the date on which the directors passed a positive solvency resolution under section 347A in respect of the company’s most recent review date.