In response to the Coronavirus, the Corporations (Coronavirus Economic Response) Determination (No. 1) 2020 (the Determination) came into effect on 6 May 2020.
The Determination, which will apply until 6 November 2020, contains provisions that allow companies to meet their obligations under the Corporations Act (the Act), the Corporations Regulations 2001 (Cth), the Insolvency Practice Rules (Corporations) 2016 (Cth) and the Corporations (Passport) Rules 2018 (Cth), by modifying the operation of the Act with respect to company meetings and the execution of documents by companies.
Meetings under the Determination
With respect to meetings, the new provisions allow the use of technology in:
Execution of company documents under the Determination
The new provisions modify the operation of section 127(1) of the Act by allowing:
The Explanatory Statement relating to the Determination gives some examples of the means by which company officers might ‘sign’ a document electronically:
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