Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 11 - EXTERNAL ADMINISTRATION  

PART 11-5 - WINDING UP  

Division 526 - Winding up  

SECTION 526-35   APPLYING CORPORATIONS ACT WINDING UP PROVISIONS TO ABORIGINAL AND TORRES STRAIT ISLANDER CORPORATIONS  

526-35(1)  
The Corporations Act winding up provisions apply to the winding up of an Aboriginal and Torres Strait Islander corporation as if the following substitutions were made:


Substitutions to be made
Item For a reference to ... substitute a reference to ...
1 a company an Aboriginal and Torres Strait Islander corporation
2 ASIC the Registrar
3 section 459P section 526-15 of this Act
4 a dividend any distribution by the corporation to its members (whether of capital or income)
5 civil penalty order civil penalty order (within the meaning of this Act)
6 civil penalty provision civil penalty provision (within the meaning of this Act)

Note:

Item 4 is relevant to the operation of subsection 588G(1A) of the Corporations Act.

526-35(2)  
The Corporations Act winding up provisions apply to the winding up of an Aboriginal and Torres Strait Islander corporation:

(a)  only to the extent to which they are capable of applying to the winding up of an Aboriginal and Torres Strait Islander corporation; and

(b)  with the modifications specified in the regulations.

526-35(2A)  
Regulations made for the purposes of paragraph (2)(b) must not:

(a)  increase, or have the effect of increasing, the maximum penalty for any offence; or

(b)  widen, or have the effect of widening, the scope of any offence.

526-35(3)  


In this Act:

Corporations Act winding up provisions
means:


(a) Parts 5.4 , 5.4B , 5.5 , 5.6 , 5.7B , 5.8 , 5.8A and 5.9 of, and Schedule 2 to, the Corporations Act; and


(b) the other provisions of that Act (including Parts 1.2 and 9.4 and Schedule 3 but not including Parts 1.1 , 1.1A and 9.4A ) to the extent to which they relate to the operation of the provisions referred to in paragraph (a); and


(c) the regulations and rules made under that Act for the purposes of the provisions of that Act referred to in paragraphs (a) and (b);

but does not include the excluded winding up provisions of that Act.

excluded winding up provisions
of the Corporations Act means:

(a)  section 459A of that Act (which deals with the court ' s power to order a winding up); and

(b)  section 459B of that Act (which deals with insolvency as a ground for winding up); and

(c)  section 459P of that Act (which deals with who may apply for a winding up on the grounds of insolvency); and

(d)  section 490 of that Act (which deals with when a resolution for voluntary winding up may be passed); and

(e)  section 491 of that Act (which deal with the resolution for a voluntary winding up).


 

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