Document ID: chunk:federal_register_of_legislation:C2024C00492:section:3:p4
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 3 (pt 4/7)
Character Range: 639371–642044

the proposed act or omission, was done:
 (a) in good faith; and
 (b) with the belief that the doing of the act or omission, or the proposed act or omission, is necessary to ensure that the corporation complies with a Native Title legislation obligation.
 (3) Paragraph 526‑5(h) does not apply to a resolution, or a proposed resolution, of a class of members of a corporation that is a registered native title body corporate, if the resolution, or proposed resolution, was made:
 (a) in good faith; and
 (b) with the belief that the making of the resolution, or proposed resolution, is necessary to ensure that the corporation complies with a Native Title legislation obligation.

526‑15  Who may apply to court for winding up order
 (1) Any one or more of the following may apply to the Court for an order that an Aboriginal and Torres Strait Islander corporation be wound up:
 (a) the corporation;
 (b) a creditor of the corporation (even if the creditor is a secured creditor or is only a contingent or prospective creditor);
 (c) a member of the corporation;
 (d) a director of the corporation;
 (e) a contributory of the corporation;
 (f) a liquidator, or a provisional liquidator, of the corporation;
 (g) a special administrator of the corporation;
 (h) the Registrar.
This subsection has effect subject to subsections (2), (3), (4) and (5).
 (2) The Registrar is the only person who may apply for an order that the corporation be wound up if the grounds on which the winding up is applied for are, or include, grounds referred to in any of the following:
 (a) paragraph 526‑5(j) (failure to comply with a section 439‑20 notice);
 (b) paragraph 526‑5(k) (failure to lodge reports);
 (c) paragraph 526‑5(l) (complexity or magnitude of corporation's activities).
 (3) If the corporation is under special administration only the Registrar or the special administrator may apply for an order that the corporation be wound up.
 (4) An application by any of the following, or by persons including any of the following, for an order that the corporation be wound up because it is insolvent may only be made with the leave of the Court:
 (a) a person who is a creditor only because of a contingent or prospective debt;
 (b) a contributory;
 (c) a director;
 (d) the Registrar.
 (5) The court must not hear an application by a person being, or persons including, a contingent or prospective creditor of the corporation for an order to wind up the corporation unless and until:
 (a) such security for costs has been given as the Court thinks reasonable; and
 (b) a prima facie case for winding up the corporation has been established to the Court's satisfaction.
 (6) Except as