Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.5 - VOLUNTARY WINDING UP  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

Division 2 - Members' voluntary winding up  

SECTION 495   APPOINTMENT OF LIQUIDATOR ETC.  

495(1)    
The company in general meeting must appoint a liquidator or liquidators for the purpose of winding up the affairs and distributing the property of the company.

Note: For rules about the liquidator ' s remuneration, see Division 60 of Part 3 of Schedule 2 . For rules about convening meetings, see Division 75 of Part 3 of Schedule 2 .

495(2)    
If a vacancy occurs in the office of a liquidator (whether by death, resignation or otherwise), the company in general meeting may fill the vacancy by the appointment of a liquidator.

495(3)    
A general meeting may be convened for the purposes of subsection (2) by any contributory or, if there were 2 or more liquidators, by the continuing liquidators.

495(4)    
The meeting must be held in the manner provided by this Act 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.