Document ID: chunk:federal_register_of_legislation:C2009C00317:clause:1_55
Version: federal_register_of_legislation:C2009C00317
Segment Type: clause
Provision Reference: sch 1 cl 55
Character Range: 55778–56657

55  Subsections 109(1) and (2)
Repeal the subsections, substitute:

 (1) For the purposes of this section, for so long as the industry services body is in a position to control the operations of Asia Dairy Industries (H.K.) Limited, a company incorporated in Hong Kong, that company is taken to be the subsidiary company.

 (2) If:
 (a) the subsidiary company is wound‑up; and
 (b) the liabilities of the subsidiary company payable on the winding‑up are not able to be met in full from the assets of the subsidiary company;
the industry services body is liable to meet those liabilities, to the extent that they are not able to be met out of the assets of the subsidiary company, as if the liabilities had been incurred by the industry services body.

Note: The heading to section 109 is replaced by the heading "Liability of industry services body for the subsidiary company".