Section 578 — Corporations Act 2001: When pooling determination comes into force etc.

Pooling determination (1) If: (a) a pooling determination is made in relation to a group of 2 or more companies; and (b) meetings are convened under subsection 577(1A) of the eligible unsecured creditors of each company in the group; and (c) at each meeting, the eligible unsecured creditors pass a resolution, as referred to in section 577, approving the making of the determination; then: (d) if all the resolutions were passed at the same time—the determination comes into force immediately after the resolutions were passed; or (e) if the resolutions were passed at different times—the determination comes into force immediately after the last of those times. Note: For eligible unsecured creditor, see section 579Q. Variation of pooling determination (2) If: (a) a pooling determination is in force in relation to a group of 2 or more companies; and (b) the pooling determination is varied; and (c) meetings are convened under subsection 577(1A) of the eligible unsecured creditors of each company in the group; and (d) at each meeting, the eligible unsecured creditors pass a resolution, as referred to in section 577, approving the making of the variation; then: (e) if all the resolutions were passed at the same time—the variation comes into force immediately after the resolutions were passed; or (f) if the resolutions were passed at different times—the variation comes into force immediately after the last of those times. Note: For eligible unsecured creditor, see section 579Q.