Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 576

576. (1) Where, after a company has been dissolved, there remains any
outstanding property, whether within or outside Australia but not including
unpaid capital, whether called or uncalled, which was vested in the company,
to which the company was entitled, or over which the company had a disposing
power, at the time when it was dissolved, but which was not got in, realised
upon or otherwise disposed of or dealt with by the company or its liquidator,
the estate and interest in the property, at law or in equity, of the company
or its liquidator at the time when the company was dissolved, together with
all claims, rights and remedies that the company or its liquidator then had in
respect of the property vests by force of this section in the Commission.

(2) Where any claim, right or remedy of the liquidator may under this Act be
made, exercised or availed of only with the approval or concurrence of the
Court or some other person, the Commission may, for the purposes of this
section, make, exercise or avail itself of that claim, right or remedy without
such approval or concurrence.

(3) Where a company is dissolved, then, notwithstanding that the books of the
company vest in the Commission by reason of subsection (1), the person who was
the last director of the company or the persons who were the last directors of
the company before the company was dissolved shall retain the books of the
company (other than any books of the company that any liquidator of the
company is required to retain under subsection 542 (2)) for a period of 3
years after the date on which the company was dissolved.