Corporations (Aboriginal and Torres Strait Islander) Act 2006
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|
|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)|
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:
(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.
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