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 5 - EXTERNAL ADMINISTRATION
PART 5.7 - WINDING UP OF BODIES OTHER THAN COMPANIES
SECTION 588
OUTSTANDING PROPERTY OF DEFUNCT REGISTRABLE BODY
588(1)
[Outstanding property after dissolution or deregistration]
This section applies where, after the dissolution or deregistration of a registrable body, there remains in this jurisdiction outstanding property of the body.
History
S 588(1) amended by No 61 of 1998, Sch 2, Pt 6 (effective 1 July 1998).
S 588(1) substituted by No 110 of 1990, Sch 1 (effective 18 December 1990).
588(2)
[Vesting in person entitled or Commission]
The estate and interest in the property, at law or in equity, of the body or its liquidator at that time, together with all claims, rights and remedies that the body or its liquidator then had in respect of the property, vests by force of this section in:
(a)
if the body was incorporated in Australia or an external Territory - the person entitled to the property under the law of the body's place of origin; or
(b)
otherwise - the Commission.
History
S 588(2) amended by No 110 of 1990, Sch 1 (effective 18 December 1990).
588(3)
[Commission's powers]
Where any claim, right or remedy of a liquidator may under this Law be made, exercised or availed of only with the approval or concurrence of the Court or some other person, the Commission may, for the purposes of this section, make, exercise or avail itself of the claim, right or remedy without such approval or concurrence.
588(4)
[Application of sec 601AE]
Section
601AE applies to property that vests in ASIC under this section as if the property were vested in ASIC under subsection
601AD(2).
History
S 588(4) amended by No 54 of 1998, Sch 5, Pt 4 (effective 1 July 1998).
S 588(4) substituted by No 61 of 1998, Sch 2, Pt 6 (effective 1 July 1998).