Corporations (Aboriginal and Torres Strait Islander) Act 2006
CHAPTER 11
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EXTERNAL ADMINISTRATION
PART 11-5
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WINDING UP
Division 526
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Winding up
SECTION 526-5
526-5
GROUNDS FOR COURT ORDERED WINDING UP
The following are the grounds on which an Aboriginal and Torres Strait Islander corporation may be wound up: (a) the corporation has by special resolution resolved that it be wound up by the Court; (b) the business or operations of the corporation were not commenced within 1 year after its registration or have been suspended for a continuous period of 1 year; (c) the corporation has ceased to satisfy a requirement for registration imposed by section 141-5 , 141-10 or 141-15 ; (d) section 26-15 precludes the continued registration of the corporation; (e) the officers of the corporation have acted in the affairs of the corporation:
The following are the grounds on which an Aboriginal and Torres Strait Islander corporation may be wound up: (a) the corporation has by special resolution resolved that it be wound up by the Court; (b) the business or operations of the corporation were not commenced within 1 year after its registration or have been suspended for a continuous period of 1 year; (c) the corporation has ceased to satisfy a requirement for registration imposed by section 141-5 , 141-10 or 141-15 ; (d) section 26-15 precludes the continued registration of the corporation; (e) the officers of the corporation have acted in the affairs of the corporation:
(i) in their own interests rather than in the interests of the members of the corporation as a whole; or
(f) the affairs of the corporation are being conducted in a way that is:
(ii) in a way that appears to be unfair or unjust to the members of the corporation;
(i) oppressive; or
(ii) unfairly prejudicial to, or unfairly discriminatory against, a member or members of the corporation; or
(g) an act or omission, or a proposed act or omission, by or on behalf of the corporation was or would be:
(iii) contrary to the interests of the members of the corporation as a whole;
(i) oppressive; or
(ii) unfairly prejudicial to, or unfairly discriminatory against, a member or members of the corporation; or
(h) a resolution, or a proposed resolution, of a class of members of the corporation, was or would be:
(iii) contrary to the interests of the members as a whole;
(i) oppressive; or
(ii) unfairly prejudicial to, or unfairly discriminatory against, a member or members of the corporation; or
(i) the corporation is insolvent; (j) the directors of the corporation have failed to comply with a notice that the Registrar has given the directors under section 439-20 ; (k) the corporation has failed, for a prescribed period, to lodge any financial or other reports required to be lodged by Part 7-3 ; (l) by reason of the complexity or magnitude of the activities of the corporation, it is inappropriate that it continue to be registered under this Act; (m) the Court is satisfied that it is in the interests of:
(iii) contrary to the interests of the members of the corporation as a whole;
(i) the public; or
(ii) the corporation ' s members; or
that the corporation should be wound up; (n) the Court is satisfied that it is just and equitable that the corporation be wound up.
(iii) the corporation ' s creditors;