Document ID: chunk:federal_register_of_legislation:C2004A01018:clause:1_306b
Version: federal_register_of_legislation:C2004A01018
Segment Type: clause
Provision Reference: sch 1 cl 306B
Character Range: 16274–17545

306B  Repayment of gifts where corporations wound up etc.

  Where:
 (a) a political party, a candidate or a member of a group receives a gift from a corporation being a gift the amount of which is equal to or exceeds $1,000; and
 (b) the corporation within a period concluding one year after making the gift has been wound up in insolvency or wound up by the court on other grounds;
an amount equal to the amount of the gift is payable by the political party to the liquidator and may be recovered by the liquidator as a debt due to the liquidator by action, in a court of competent jurisdiction against:
 (c) in the case of a gift to or for the benefit of a political party or a State branch of a political party:
 (i) if the party or branch, as the case may be, is a body corporate—the party or branch, as the case may be; or
 (ii) in any other case—the agent of the party or branch, as the case may be; or
 (d) in any other case—the candidate or a member of the group or the agent of the candidate or of the group, as the case may be.

Note 1: The gift received by the liquidator is an asset of the corporation to be distributed under the provisions of the Corporations Act 2001.

Note 2: This section applies to gifts made after the commencement of this provision.