Definitions
67 Definitions
This Division applies to an association—
that is insolvent, or
that is being, or has been, wound up, or
whose registration has been cancelled under Division 1 or 2 of Part 7.
In this Division, appropriate officer means—
in relation to an association that has been or is being wound up, the liquidator, or
in relation to an association whose registration has been cancelled by the Secretary or that is insolvent, the Secretary.
For the purposes of this section, an association is taken to be insolvent if, and only if, execution or other process issued on a judgment, decree or order of any court in favour of a creditor of the association is returned unsatisfied in whole or in part.
This Act’s bill:Explanatory memorandumSecond reading speech
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