THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.5 - VOLUNTARY WINDING UP

Division 4 - Voluntary winding up generally

SECTION 505   ACTS OF LIQUIDATOR VALID ETC  

505(1)  [Acts valid]  

The acts of a liquidator are valid notwithstanding any defects that may afterwards be discovered in his or her appointment or qualification.

505(2)  [Disposition of property by liquidator]  

A conveyance, assignment, transfer, mortgage, charge or other disposition of a company's property made by a liquidator is, notwithstanding any defect or irregularity affecting the validity of the winding up or the appointment of the liquidator, valid in favour of any person taking such property in good faith and for value and without actual knowledge of the defect or irregularity.

505(3)  [Disposition of property to liquidator]  

A person making or permitting a disposition of property to a liquidator shall be protected and indemnified in so doing notwithstanding any defect or irregularity affecting the validity of the winding up or the appointment of the liquidator that is not then known to that person.

505(4)  [Disposition includes payment]  

For the purposes of this section, a disposition of property shall be taken as including a payment of money.