Document ID: chunk:federal_register_of_legislation:C2024C00492:section:3:p7
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 3 (pt 7/7)
Character Range: 646819–648375

the surplus assets of the corporation;
the liquidator must distribute those assets in accordance with that special resolution. This subsection has effect subject to subsection (5).
 (4) If:
 (a) the liquidator considers that a distribution of the surplus assets of the corporation in accordance with:
 (i) the provisions of the corporation's constitution in accordance with subsection (2); or
 (ii) a special resolution in accordance with subsection (3);
  would not be just; or
 (b) no such provisions exist and such a special resolution has not been passed;
the liquidator must apply to a Judge of the Court for an order under subsection (5).
 (5) If:
 (a) the Judge considers that a distribution of the surplus assets of the corporation in accordance with:
 (i) the provisions of the corporation's constitution in accordance with subsection (1); or
 (ii) a special resolution in accordance with subsection (2);
  would not be just; or
 (b) no such provisions exist and such a special resolution has not been passed;
the Judge must make such orders for the distribution of those assets as, having regard to the objects of the corporation, he or she considers just.

526‑35  Applying Corporations Act winding up provisions to Aboriginal and Torres Strait Islander corporations
 (1) The Corporations Act winding up provisions apply to the winding up of 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...