Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 499

499. (1) The company shall, and the creditors may, at their respective
meetings nominate a person to be liquidator for the purpose of winding up the
affairs and distributing the property of the company and, if the creditors and
the company nominate different persons, the person nominated by the creditors
shall be liquidator but, if no person is nominated by the creditors, the
person nominated by the company shall be liquidator.

(2) Notwithstanding the provisions of subsection (1), where different persons
are nominated, any director or member may, within 7 days after the date on
which the nomination was made by the creditors, apply to the Court for an
order directing that the person nominated as liquidator by the company shall
be liquidator instead of or jointly with the person nominated by the
creditors.

(3) The committee of inspection, or, if there is no such committee, the
creditors, may fix the remuneration to be paid to the liquidator.

(4) On the appointment of a liquidator, the powers of the directors cease
except so far as the committee of inspection, or, if there is no such
committee, the creditors, approve the continuance of any of those powers.

(5) If a liquidator, other than a liquidator appointed by or by the direction
of the Court, dies, resigns or otherwise vacates his or her office, the
creditors may fill the vacancy and, for the purpose of so doing, a meeting of
the creditors may be convened by any 2 of their number.