Winding up voluntarily or by court
59 Winding up voluntarily or by court
S. 59(1) amended by No. 6505 s. 2.
A society may be wound up voluntarily or by the court or upon a certificate of the registrar.
S. 59(2) amended by Nos 6455 s. 2(Sch. 1 Pt 2 item 6(1)(a)), 6839 s. 4(Sch. 1 Pt 2 item 5(a)), 7388 s. 2(a), 9699 s. 23, substituted by No. 44/2001 s. 3(Sch. item 19.5).
The winding up of a co-operative housing society voluntarily or on the certificate of the registrar under subsection (4) is declared to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to the provisions of Parts 5.5, 5.6, 5.7B, 5.8, 5.8A and 5.9 of the Corporations Act, subject to the following modifications—
those provisions are to be read as if a co‑operative housing society were a company;
a reference in those provisions to ASIC is to be read as a reference to the registrar;
a reference in those provisions to a special resolution is to be read as a reference to a special resolution under this Act;
a reference in those provisions to a registered liquidator is to be read as a reference to a person approved by the registrar under subsection (2AA);
in the case of a winding up upon the certificate of the registrar—
a reference in those provisions to the liquidator is to be read as a reference to the liquidator appointed under subsection (6);
any vacancy occurring in the office of liquidator is to be filled by appointment by the registrar;
the winding up is deemed to commence at the date of the certificate of the registrar;
any other modifications (within the meaning of Part 3 of the Corporations (Ancillary Provisions) Act 2001) that are prescribed by the regulations.
Note
Part 3 of the Corporations (Ancillary Provisions) Act 2001 provides for the application of provisions of the Corporations Act and Part 3 of the ASIC Act as laws of the State in respect of any matter declared by a law of the State (whether with or without modification) to be an applied Corporations legislation matter for the purposes of that Part in relation to those Commonwealth provisions.
S. 59(2AA) inserted by No. 44/2001 s. 3(Sch. item 19.5).
The registrar may approve a person to be a liquidator of co-operative housing societies, having regard to the person's experience and capacity.
S. 59(2A) inserted by No. 7388 s. 2(b), amended by Nos 10254 s. 43(d), 48/1992 s. 104(f).
In the case of a voluntary winding up of a society a liquidator shall be entitled to receive remuneration not exceeding the amount fixed by the registrar.
S. 59(3) amended by Nos 6455 s. 2(Sch. 1 Pt 3(e)), 6839 s. 4(Sch. 1 Pt 3(e)), 9699 s. 23, 44/2001 s. 3(Sch. item 19.6).
Where a society is being wound up voluntarily and a vacancy occurs in the office of liquidator which in the opinion of the registrar is unlikely to be filled in the manner provided in the Corporations Act as applying under this section the registrar may appoint a person to be liquidator.
In the case of a winding up upon a certificate of the registrar the society may be wound up if the registrar certifies that any of the following events has occurred, that is to say:
S. 59(4)(a) amended by No. 8339 s. 2(1)(Sch. 2 item 2(vi)).
that the number of members is reduced to less than twenty and the registrar and the Minister are satisfied that it is desirable and expedient that the society be wound up;
S. 59(4)(ab) amended by No. 37/1999 s. 58(Sch. 2 Pt 2 item 7).
that the society has no interest under any mortgage of freehold land;
that the society has not commenced business within a year of registration or has suspended business for a period of more than six months;
that the specified date on which the society is to terminate has arrived;
that the specified object or specified event upon the attainment or occurrence of which the society is to terminate has been attained or has occurred (as the case may be);
that the registration of the society has been obtained by mistake or fraud;
that the society exists for an illegal purpose; or
that the society has wilfully and after notice from the registrar violated the provisions of this Act or of the regulations or of the rules of the society.
The registrar shall not so certify unless—
the event has been proved to his satisfaction; and
in the case of any of the matters referred to in paragraphs (e) (f) and (g) of the last preceding subsection, the Governor in Council consents to the issue of the certificate.
Where the registrar so certifies he may appoint a person to be the liquidator of the society and such liquidator shall give such security and be entitled to receive such fees as are prescribed.
S. 59(7) amended by Nos 6455 s. 2(Sch. 1 Pt 2 item 6(1)(b)), 6839 s. 4(Sch. 1 Pt 2 item 5(b)), 9699 s. 23, substituted by No. 44/2001 s. 3(Sch. item 19.7).
The winding up of a co-operative housing society by the court is declared to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to the provisions of Parts 5.4, 5.4A, 5.4B, 5.6, 5.7B, 5.8, 5.8A and 5.9 of the Corporations Act, subject to the following modifications—
those provisions are to be read as if a co‑operative housing society were a company;
a reference in those provisions to ASIC is to be read as a reference to the registrar;
a reference in those provisions to a registered liquidator is to be read as a reference to a person approved by the registrar under subsection (2AA);
a reference in those provisions to the Court is to be read as a reference to the Supreme Court;
any other modifications (within the meaning of Part 3 of the Corporations (Ancillary Provisions) Act 2001) that are prescribed by the regulations.
Note
See note under subsection (2).
S. 59(8) amended by Nos 6455 s. 2(Sch. 1 Pt 2 item 6(1)(d)), 6839 s. 4(Sch. 1 Pt 2 item 5(c)), 9699 s. 23, 37/1999 s. 58(Sch. 2 Pt 2 item 8), substituted by No. 44/2001 s. 3(Sch. item 19.8).
A co-operative housing society is declared to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to the provisions of Part 5A.1 (Deregistration) of the Corporations Act, subject to the following modifications—
those provisions are to be read as if a co‑operative housing society were a company;
a reference in those provisions to ASIC is to be read as a reference to the registrar;
a reference in those provisions to a director of a company is to be read as a reference to an officer of a co‑operative housing society;
any other modifications (within the meaning of Part 3 of the Corporations (Ancillary Provisions) Act 2001) that are prescribed by the regulations.
Note
See note under subsection (2).
S. 59(9) amended by No. 110/1986 s. 140(2).
In this section the court means the Supreme Court.
No. 6138 s. 60.
This Act’s bill:Second reading speech
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