THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.4B - WINDING UP IN INSOLVENCY OR BY THE COURT

Division 3 - General powers of Court

SECTION 488   DELEGATION TO LIQUIDATOR OF CERTAIN POWERS OF COURT  

488(1)  [Delegation by rules or regulations]  

Provision may be made by rules or regulations for enabling or requiring all or any of the powers and duties conferred and imposed on the Court by this Part in respect of:

(a)  the holding and conducting of meetings to ascertain the wishes of creditors and contributories;

(b)  the paying, delivery, conveyance, surrender or transfer of money, property or books to the liquidator;

(c)  the adjusting of the rights of contributories among themselves and the distribution of any surplus among the persons entitled to it; and

(d)  the fixing of a time within which debts and claims must be proved;

to be exercised or performed by the liquidator as an officer of the Court and subject to the control of the Court.

488(2)  [Distribution of surplus]  

Despite anything in rules or regulations made for the purposes of subsection (1), a liquidator may distribute a surplus only with the Court's special leave.