Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 542

542. (1) Where a company is being wound up, all books of the company and of
the liquidator that are relevant to affairs of the company at or subsequent to
the commencement of the winding up of the company are, as between the
contributories of the company, prima facie evidence of the truth of all
matters purporting to be recorded in those books.

(2) If a company has been wound up, the liquidator shall retain the books
referred to in subsection (1) for a period of 5 years from the date of
dissolution of the company and, subject to section 262A of the Income Tax 
Assessment Act 1936 , may, at the end of that period, destroy them.

(3) Despite subsection (2) but subject to subsection (4), when a company has
been wound up, the books referred to in subsection (1) may be destroyed within
a period of 5 years after the dissolution of the company:

   (a)  in the case of a winding up by the Court-in accordance with the
        directions of the Court given pursuant to an application of which at
        least 14 days notice has been given to the Commission;

   (b)  in the case of a members' voluntary winding up-as the company by
        resolution directs; and

   (c)  in the case of a creditors' voluntary winding up-as the committee of
        inspection directs, or, if there is no such committee, as the
        creditors of the company direct.

(4) The liquidator is not entitled to destroy books as mentioned in paragraph
(3) (b) or (c) unless the Commission consents to the destruction of those
books.