Corporations (Aboriginal and Torres Strait Islander) Act 2006
This section applies if: (a) surplus assets remain on the winding up of an Aboriginal and Torres Strait Islander corporation; and (b) the winding up is a winding up by the Court.
526-25(2)
If the corporation ' s constitution includes provisions for the distribution of the surplus assets of the corporation in the event of the corporation ' s being wound up, the Court or the liquidator must distribute those assets in accordance with those provisions. This subsection has effect subject to subsection (4) .
Note:
The liquidator may have powers in relation to the distribution of the surplus under section 488 of the Corporations Act (as applied by section 526-35 of this Act).
526-25(3)
If: (a) the corporation ' s constitution does not include provisions for the distribution of the surplus assets of the corporation in the event of the corporation ' s being wound up; and (b) the members of the corporation pass a special resolution relating to the distribution of the surplus assets of the corporation;
the Court or the liquidator must distribute those assets in accordance with that special resolution. This subsection has effect subject to subsection (4) .
Note:
The liquidator may have powers in relation to the distribution of the surplus under section 488 of the Corporations Act (as applied by section 526-35 of this Act).
526-25(4)
If: (a) a Judge of the Court considers that a distribution of the surplus assets of the corporation in accordance with:
(i) the provisions of the corporation ' s constitution in accordance with subsection (2) ; or
would not be just; or (b) no such provisions exist and such a special resolution has not been passed;
(ii) a special resolution in accordance with subsection (3) ;
the Judge must make such orders for the distribution of those assets as, having regard to the objects of the corporation, he or she considers just.
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