THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.6 - WINDING UP GENERALLY

Division 3 - Liquidators

SECTION 538   REGULATIONS RELATING TO MONEY ETC. RECEIVED BY LIQUIDATOR  

538(1A)  [``liquidator'']  

In this section:

``liquidator'' includes a provisional liquidator.

538(1)  [Regulations may require certain things]  

The regulations may:

(a)  require a liquidator to pay, into such bank and account, in such manner and at such times as are prescribed, money received by him or her;

(b)  prescribe the circumstances and manner in which money paid into such an account is to be paid out;

(c)  require a liquidator of a company to deposit, in such bank, in such manner and at such times as are prescribed, bills, notes or other securities payable to the company or its liquidator;

(d)  prescribe the circumstances and manner in which bills, notes or other securities so deposited are to be delivered out;

(e)  make provision in relation to the giving by the Court of directions with respect to the payment, deposit or custody of money payable to or into the possession of a liquidator, or of bills, notes or other securities so payable; and

(f)  provide for:

(i) the payment by a liquidator of interest at such rate, on such amount and in respect of such period as is prescribed;

(ii) disallowance of all or of such part as is prescribed of the remuneration of a liquidator;

(iii) the removal from office of a liquidator by the Court; and

(iv) the payment by a liquidator of any expenses occasioned by reason of his or her default;

where a liquidator contravenes or fails to comply with regulations made under this section.

538(2)  [Application of regulations]  

Regulations made under this section may apply generally or in relation to a specified class of windings up.