Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 11 - EXTERNAL ADMINISTRATION  

PART 11-5 - WINDING UP  

Division 526 - Winding up  

SECTION 526-20   VOLUNTARY WINDING UP  

526-20(1)    
Subject to subsection (5) , an Aboriginal and Torres Strait Islander corporation may be wound up voluntarily if the members of the corporation in general meeting so resolve by special resolution.

526-20(2)    
An Aboriginal and Torres Strait Islander corporation cannot resolve that it be wound up voluntarily if:

(a)    the corporation is under special administration under Part 11-2 ; or

(b)    the Registrar:

(i) has given the corporation a notice under subsection 487-10(1) ; and

(ii) has not given the corporation a notice under subsection 487-10(5) .

526-20(3)    
Paragraph (2)(b) does not apply if the Registrar has consented in writing to the voluntary winding up of the corporation.

526-20(4)    
A consent given by the Registrar under subsection (3) is not a legislative instrument

526-20(5)    
Except with the leave of the Court, an Aboriginal and Torres Strait Islander corporation cannot resolve that it be wound up voluntarily if:

(a)    an application has been made to the Court for the corporation to be wound up on the ground that it is insolvent; or

(b)    the Court has ordered that the corporation be wound up on the ground that it is insolvent (whether or not the order was made on such an application).

526-20(6)    
If an Aboriginal and Torres Strait Islander corporation passes a resolution for the voluntary winding up of the corporation, the corporation must, within 28 days after the passing of a resolution, lodge with the Registrar:

(a)    a notice in the approved form of the passing of the resolution; and

(b)    a copy of the resolution.

Penalty: 5 penalty units.

526-20(7)    
Subsection (6) is an offence of strict liability.

Note:

For strict liability , see section 6.1 of the Criminal Code .

526-20(8)    
The Registrar must, within 21 days after the lodging of a notice under subsection (6) , publish in the Gazette a notice of the passing of the resolution to which the notice relates.