Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 505

505. (1) The acts of a liquidator are valid notwithstanding any defects that
may afterwards be discovered in his or her appointment or qualification.

(2) A conveyance, assignment, transfer, mortgage, charge or other disposition
of a company's property made by a liquidator is, notwithstanding any defect or
irregularity affecting the validity of the winding up or the appointment of
the liquidator, valid in favour of any person taking such property in good
faith and for value and without actual knowledge of the defect or
irregularity.

(3) A person making or permitting a disposition of property to a liquidator
shall be protected and indemnified in so doing notwithstanding any defect or
irregularity affecting the validity of the winding up or the appointment of
the liquidator that is not then known to that person.

(4) For the purposes of this section, a disposition of property shall be taken
as including a payment of money.