Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 2 - ABORIGINAL AND TORRES STRAIT ISLANDER CORPORATIONS  

PART 2-5 - EFFECTS OF REGISTRATION  

Division 42 - Effects of registration  

SECTION 42-35   BODY CORPORATE REGISTERED AS ABORIGINAL AND TORRES STRAIT ISLANDER CORPORATION (LIABILITY OF MEMBERS ON WINDING UP)  

42-35(1)    
This section applies if:

(a)    a body corporate is registered as an Aboriginal and Torres Strait Islander corporation under Part 2-3 as a result of an application made under section 22-1 ; and

(b)    a person stopped being a member of a body corporate before it was registered as an Aboriginal and Torres Strait Islander corporation under Part 2-3 .

42-35(2)    
The person is to be treated as a past member of the Aboriginal and Torres Strait Islander corporation in applying Division 2 of Part 5.6 of the Corporations Act (as applied by section 526-35 of this Act) to a winding up of the Aboriginal and Torres Strait Islander corporation.

42-35(3)    
However, the person ' s liability to contribute to the Aboriginal and Torres Strait Islander corporation ' s property is further limited by this section to an amount sufficient for the following:

(a)    payment of debts and liabilities contracted by the body corporate before the day on which it was registered as an Aboriginal and Torres Strait Islander corporation under Part 2-3 ;

(b)    payment of the costs, charges and expenses of winding up the Aboriginal and Torres Strait Islander corporation, so far as those costs, charges and expenses relate to those debts and liabilities;

(c)    the adjustment of the rights between the contributories, so far as the adjustment relates to those debts and liabilities.