Document ID: chunk:federal_register_of_legislation:C2024C00492:front:0:p43
Version: federal_register_of_legislation:C2024C00492
Segment Type: other
Provision Reference: 
Character Range: 117479–120309

action required to vest the estate or interest in the corporation. The vesting is subject to any trust (other than a trust for the members), or any covenant, contract or liability affecting the estate or interest.
 (4) In subsection (2):
personal property does not include property consisting of an estate or interest in land.

42‑35  Body corporate registered as Aboriginal and Torres Strait Islander corporation (liability of members on winding up)
 (1) This section applies if:
 (a) a body corporate is registered as an Aboriginal and Torres Strait Islander corporation under Part 2‑3 as a result of an application made under section 22‑1; and
 (b) a person stopped being a member of a body corporate before it was registered as an Aboriginal and Torres Strait Islander corporation under Part 2‑3.
 (2) The person is to be treated as a past member of the Aboriginal and Torres Strait Islander corporation in applying Division 2 of Part 5.6 of the Corporations Act (as applied by section 526‑35 of this Act) to a winding up of the Aboriginal and Torres Strait Islander corporation.
 (3) However, the person's liability to contribute to the Aboriginal and Torres Strait Islander corporation's property is further limited by this section to an amount sufficient for the following:
 (a) payment of debts and liabilities contracted by the body corporate before the day on which it was registered as an Aboriginal and Torres Strait Islander corporation under Part 2‑3;
 (b) payment of the costs, charges and expenses of winding up the Aboriginal and Torres Strait Islander corporation, so far as those costs, charges and expenses relate to those debts and liabilities;
 (c) the adjustment of the rights between the contributories, so far as the adjustment relates to those debts and liabilities.

42‑40  Body corporate registered as Aboriginal and Torres Strait Islander corporation (modification by regulations)
 (1) The regulations may modify the operation of this Part in relation to an Aboriginal and Torres Strait Islander corporation registered under Part 2‑3 as a result of an application made under section 22‑1.
 (2) Regulations made for the purposes of subsection (1) 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.

42‑45  Registration of amalgamated corporation (liability of members on winding up)
 (1) This section applies if:
 (a) an Aboriginal and Torres Strait Islander corporation (the amalgamated corporation) is registered under Part 2‑3 as a result of an application made under section 23‑1 to register the amalgamated corporation to replace 2 or more existing Aboriginal and Torres Strait Islander corporations (the amalgamating corporations); and
 (b) a person stopped being a member of an