THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.5 - VOLUNTARY WINDING UP

Division 2 - Members' voluntary winding up

SECTION 495   LIQUIDATORS  

495(1)  (Appointment)  

The company in general meeting shall appoint a liquidator or liquidators for the purpose of winding up the affairs and distributing the property of the company and may fix the remuneration to be paid to him, her or them.

495(2)  [Cessation of directors' powers]  

On the appointment of a liquidator, all the powers of the directors cease except so far as the liquidator, or the company in general meeting with the consent of the liquidator, approves the continuance of any of those powers.

495(3)  [Vacancy]  

If a vacancy occurs by death, resignation or otherwise in the office of a liquidator, the company in general meeting may fill the vacancy by the appointment of a liquidator and fix the remuneration to be paid to him or her, and for that purpose a general meeting may be convened by any contributory or, if there were 2 or more liquidators, by the continuing liquidators.

495(4)  [Manner of holding meeting]  

The meeting shall be held in the manner provided by this Law or by the company's constitution or in such manner as is, on application by any contributory or by the continuing liquidators, determined by the Court.