Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 12 - TRANSFER OF REGISTRATION, DEREGISTRATION AND UNCLAIMED PROPERTY  

PART 12-2 - DEREGISTRATION  

Division 546 - Deregistration  

SECTION 546-20   EFFECT OF DEREGISTRATION  
Aboriginal and Torres Strait Islander corporation ceases to exist

546-20(1)    
An Aboriginal and Torres Strait Islander corporation ceases to exist on deregistration.

Note:

Despite the deregistration, officers of the corporation may still be liable for things done before the corporation was deregistered.

Corporation ' s property vests in Registrar

546-20(2)    
On deregistration, all the corporation ' s property vests in the Registrar. If corporation property is vested in a liquidator immediately before deregistration, that property vests in the Registrar. This subsection extends to property situated outside Australia.

546-20(3)    
Under subsection (2) , the Registrar takes only the same property rights that the corporation itself held. If the corporation held particular property subject to a security or other interest or claim, the Registrar takes the property subject to that interest or claim.

Note:

See also subsection 546-25(3) , which deals with liabilities that a law imposes on the property (particularly liabilities such as rates, taxes and other charges).

546-20(4)    
The Registrar has all the powers of an owner over property vested in the Registrar under subsection (2) .

Note:

Section 546-30 confers additional powers on the Registrar to fulfil outstanding obligations of the deregistered corporation.

Corporation ' s books to be kept by former directors

546-20(5)    
A person commits an offence if:

(a)    an Aboriginal and Torres Strait Islander corporation is deregistered; and

(b)    the person is a director of the corporation immediately before deregistration; and

(c)    the person does not keep the corporation ' s books for 3 years after the deregistration.

Penalty: 5 penalty units.

546-20(6)    

Subsection (5) does not apply to books that a liquidator has to keep under section 70-35 of Schedule 2 to the Corporations Act (as applied by section 526-35 of this Act ).

Note:

A defendant bears an evidential burden in relation to the matter in subsection (6) (see subsection 13.3(3) of the Criminal Code ).

Strict liability offences

546-20(7)    
An offence based on subsection (5) is an offence of strict liability.

Note:

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