Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 488

488. (1) Provision may be made by rules or regulations for enabling or
requiring all or any of the powers and duties conferred and imposed on the
Court by this Part in respect of:

   (a)  the holding and conducting of meetings to ascertain the wishes of
        creditors and contributories;

   (b)  the paying, delivery, conveyance, surrender or transfer of money,
        property or books to the liquidator;

   (c)  the making of calls and the adjusting of the rights of contributories
        among themselves and the distribution of any surplus among the persons
        entitled to it; and

   (d)  the fixing of a time within which debts and claims must be proved; to
        be exercised or performed by the liquidator as an officer of the Court
        and subject to the control of the Court.

(2) Notwithstanding anything contained in rules or regulations made for the
purposes of subsection (1), a liquidator shall not:

   (a)  make any call without either the special leave of the Court or the
        sanction of the committee of inspection; or

   (b)  distribute any surplus among the persons entitled to it without the
        special leave of the Court.