Commonwealth Consolidated Acts

CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 526.35

  (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...
1	a company	an Aboriginal and Torres Strait Islander corporation
2	ASIC	the Registrar
3	section   459P	section   526 - 15 of this Act
4	a dividend	any distribution by the corporation to its members (whether of capital or income)
5	civil penalty order	civil penalty order (within the meaning of this Act)
6	civil penalty provision	civil penalty provision (within the meaning of this Act)

Note:   Item   4 is relevant to the operation of subsection   588G(1A) of the Corporations Act.

  (2)   The Corporations Act winding up provisions apply to the winding up of an Aboriginal and Torres Strait Islander corporation:

  (a)   only to the extent to which they are capable of applying to the winding up of an Aboriginal and Torres Strait Islander corporation; and

  (b)   with the modifications specified in the regulations.

  (2A)   Regulations made for the purposes of paragraph   (2)(b) must not:

  (a)   increase, or have the effect of increasing, the maximum penalty for any offence; or

  (b)   widen, or have the effect of widening, the scope of any offence.

  (3)   In this Act:

" Corporations Act winding up provisions" means:

  (a)   Parts   5.4, 5.4B, 5.5, 5.6, 5.7B, 5.8, 5.8A and 5.9 of, and Schedule   2 to, the Corporations Act; and

  (b)   the other provisions of that Act (including Parts   1.2 and 9.4 and Schedule   3 but not including Parts   1.1, 1.1A and 9.4A) to the extent to which they relate to the operation of the provisions referred to in paragraph   (a); and

  (c)   the regulations and rules made under that Act for the purposes of the provisions of that Act referred to in paragraphs   (a) and (b);

but does not include the excluded winding up provisions of that Act.

"excluded winding up provisions" of the Corporations Act means:

  (a)   section   459A of that Act (which deals with the court's power to order a winding up); and

  (b)   section   459B of that Act (which deals with insolvency as a ground for winding up); and

  (c)   section   459P of that Act (which deals with who may apply for a winding up on the grounds of insolvency); and

  (d)   section   490 of that Act (which deals with when a resolution for voluntary winding up may be passed); and

  (e)   section   491 of that Act (which deal with the resolution for a voluntary winding up).