Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 11 - EXTERNAL ADMINISTRATION  

PART 11-5 - WINDING UP  

Division 526 - Winding up  

SECTION 526-5  

526-5   GROUNDS FOR COURT ORDERED WINDING UP  
The following are the grounds on which an Aboriginal and Torres Strait Islander corporation may be wound up:

(a)    the corporation has by special resolution resolved that it be wound up by the Court;

(b)    the business or operations of the corporation were not commenced within 1 year after its registration or have been suspended for a continuous period of 1 year;

(c)    the corporation has ceased to satisfy a requirement for registration imposed by section 141-5 , 141-10 or 141-15 ;

(d)    section 26-15 precludes the continued registration of the corporation;

(e)    the officers of the corporation have acted in the affairs of the corporation:

(i) in their own interests rather than in the interests of the members of the corporation as a whole; or

(ii) in a way that appears to be unfair or unjust to the members of the corporation;

(f)    the affairs of the corporation are being conducted in a way that is:

(i) oppressive; or

(ii) unfairly prejudicial to, or unfairly discriminatory against, a member or members of the corporation; or

(iii) contrary to the interests of the members of the corporation as a whole;

(g)    an act or omission, or a proposed act or omission, by or on behalf of the corporation was or would be:

(i) oppressive; or

(ii) unfairly prejudicial to, or unfairly discriminatory against, a member or members of the corporation; or

(iii) contrary to the interests of the members as a whole;

(h)    a resolution, or a proposed resolution, of a class of members of the corporation, was or would be:

(i) oppressive; or

(ii) unfairly prejudicial to, or unfairly discriminatory against, a member or members of the corporation; or

(iii) contrary to the interests of the members of the corporation as a whole;

(i)    the corporation is insolvent;

(j)    the directors of the corporation have failed to comply with a notice that the Registrar has given the directors under section 439-20 ;

(k)    the corporation has failed, for a prescribed period, to lodge any financial or other reports required to be lodged by Part 7-3 ;

(l)    by reason of the complexity or magnitude of the activities of the corporation, it is inappropriate that it continue to be registered under this Act;

(m)    the Court is satisfied that it is in the interests of:

(i) the public; or

(ii) the corporation ' s members; or

(iii) the corporation ' s creditors;

that the corporation should be wound up;

(n)    the Court is satisfied that it is just and equitable that the corporation be wound up.