Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf the Registrar determines under subsection 487-1(1) in relation to an Aboriginal and Torres Strait Islander corporation, the corporation:
(a) starts being under special administration when the period specified in the determination under subsection 487-1(1) starts; and
(b) ceases being under special administration :
(i) when the period specified in the determination under subsection 487-1(1), or that period as extended under section 487- 15, ends; or
(ii) if, before the end of the period referred to in subparagraph (i), a liquidator for the corporation is appointed, or the winding up of the corporation starts, as a result of an application made by the Registrar or the special administrator--when the liquidator is appointed or the winding up starts; or
(iii) if, before the end of the period referred to in subparagraph (i), the Registrar makes a determination under section 487-20--on the date specified in the determination under section 487-20.
Note: Subparagraph (b)(ii)--once the corporation is under special administration only the Registrar or the special administrator can apply for the winding up of the corporation (see subsection 526-15(3)).