Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 538

538. (1) The regulations may:

   (a)  require a liquidator to pay, into such bank and account, in such
        manner and at such times as are prescribed, money received by him or
        her;

   (b)  prescribe the circumstances and manner in which money paid into such
        an account is to be paid out;

   (c)  require a liquidator of a company to deposit, in such bank, in such
        manner and at such times as are prescribed, bills, notes or other
        securities payable to the company or its liquidator;

   (d)  prescribe the circumstances and manner in which bills, notes or other
        securities so deposited are to be delivered out;

   (e)  make provision in relation to the giving by the Court of directions
        with respect to the payment, deposit or custody of money payable to or
        into the possession of a liquidator, or of bills, notes or other
        securities so payable; and

   (f)  provide for:

        (i)    the payment by a liquidator of interest at such rate, on such
               amount and in respect of such period as is prescribed;

        (ii)   disallowance of all or of such part as is prescribed of the
               remuneration of a liquidator;

        (iii)  the removal from office of a liquidator by the Court; and

        (iv)   the payment by a liquidator of any expenses occasioned by
               reason of his or her default;
where a liquidator contravenes or fails to comply with regulations made under
this section.

(2) Regulations made under this section may apply generally or in relation to
a specified class of windings up.