THE CORPORATIONS LAW
CCH Note:
Part 13 of the Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 5 - EXTERNAL ADMINISTRATION
PART 5.5 - VOLUNTARY WINDING UP
Division 4 - Voluntary winding up generally
SECTION 501 DISTRIBUTION OF PROPERTY OF COMPANY 501 Subject to the provisions of this Law as to preferential payments, the property of a company shall, on its winding up, be applied in satisfaction of its liabilities equally and, subject to that application, shall, unless the company's constitution otherwise provides, be distributed among the members according to their rights and interests in the company.
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