THE CORPORATIONS LAW

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 5.5 - VOLUNTARY WINDING UP

Division 1 - Resolution for winding up

SECTION 493   EFFECT OF VOLUNTARY WINDING UP  

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493(1)  [Effect]  

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The company shall, from the passing of the resolution, cease to carry on its business except so far as is in the opinion of the liquidator required for the beneficial disposal or winding up of that business, but the corporate state and corporate powers of the company, notwithstanding anything to the contrary in its constitution, continue until it is deregistered.

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History

S 493(1) amended by No 61 of 1998, Sch 2, Pt 1 and Pt 6 (effective 1 July 1998).

S 493(1) amended by No 210 of 1992, Sch 1 (effective 23 June 1993).

[ CCH Note: See s 1382-1383.]

493(2)  [Avoidance of transfer of shares]  

Any transfer of shares, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the members, made after the passing of the resolution are void.

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History

S 493(2) amended by No 210 of 1992, Sch 1 (effective 23 June 1993).

[ CCH Note: See s 1382-1383.]

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