Corporations (Aboriginal and Torres Strait Islander) Consequential, Transitional and Other Measures Act 2006 (125 of 2006)

Schedule 3   Transitional provisions

Part 3   Matters pending under old Act immediately before commencement

Division 8   Windings up

100   Resolution about distribution of surplus assets in winding up

(1) This item applies if, before commencement:

(a) a transitional corporation had been wound up under the old Act; and

(b) on the winding up, there remained surplus assets; and

(c) a resolution relating to the distribution of the surplus assets of the transitional corporation had been passed by at least two-thirds of the members of the transitional corporation; and

(d) some or all of the surplus assets had not been distributed in accordance with the resolution.

(2) For the purposes of sections 526-25 and 526-30 of the new Act, the resolution has effect as if it had been passed by a special resolution of the transitional corporation.