Document ID: chunk:federal_register_of_legislation:C2024C00492:front:0:p44
Version: federal_register_of_legislation:C2024C00492
Segment Type: other
Provision Reference: 
Character Range: 120055–122288

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 amalgamating corporation before the registration of the amalgamated corporation.
 (2) The person is to be treated as a past member of the amalgamated 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 amalgamated corporation.
 (3) However, the person's liability to contribute to the amalgamated 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 amalgamating corporation before the registration of the amalgamated corporation;
 (b) payment of the costs, charges and expenses of winding up the amalgamated 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.

42‑50  Registration of amalgamated 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 23‑1.
 (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.

Part 2‑6—Arrangements and reconstructions

Division 45—Application of Corporations Act arrangements and reconstructions provisions

45‑1  Applying Corporations Act arrangements and reconstructions provisions to Aboriginal and Torres Strait Islander corporations
 (1) The Corporations Act arrangements and reconstructions provisions apply to 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 ...