THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 5C - MANAGED INVESTMENT SCHEMES

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Chapter 5C inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).

PART 5C.9 - WINDING UP

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Part 5C.9 inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

SECTION 601ND   WINDING UP ORDERED BY COURT  

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601ND(1)  [Court's power]  

The Court may, by order, direct the responsible entity of a registered scheme to wind up the scheme if:

(a)  the Court thinks it is just and equitable to make the order; or

(b)  within 3 months before the application for the order was made, execution or other process was issued on a judgment, decree or order obtained in a court (whether an Australian court or not) in favour of a creditor of, and against, the responsible entity in its capacity as the scheme's responsible entity and the execution or process has been returned unsatisfied.

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S 601ND(1) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

601ND(2)  [Application to Court]  

An order based on paragraph (1)(a) may be made on the application of:

(a)  the responsible entity; or

(b)  a director of the responsible entity; or

(c)  a member of the scheme; or

(d)  ASIC.

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S 601ND(2) amended by 54 of 1998, Sch 6, Pt 2 (effective 1 July 1998).

S 601ND(2) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

601ND(3)  [Creditors]  

An order based on paragraph (1)(b) may be made on the application of a creditor.

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S 601ND(3) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).

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