Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 583

583. Subject to this Part, a Type A body may be wound up under this Chapter,
and this Chapter applies accordingly to a Type A body with such adaptations as
are necessary, including the following adaptations:

   (a)  the principal place of business of a Type A body in Australia shall,
        for all the purposes of the winding up, be deemed to be the registered
        office of the Type A body;

   (b)  a Type A body shall not be wound up voluntarily under this Chapter;

   (c)  the circumstances in which a Type A body may be wound up are as
        follows:

        (i)    if the Type A body is unable to pay its debts, has been
               dissolved, has ceased to carry on business in Australia, or has
               a place of business in Australia only for the purpose of
               winding up its affairs;

        (ii)   if the Court is of opinion that it is just and equitable that
               the Type A body should be wound up;

        (iii)  the Commission has stated in a report prepared under Division 1
               of Part 3 of the Commission Act that, in its opinion:

                (A)  the Type A body cannot pay its debts and should be wound
                     up; or

                (B)  it is in the interests of the public, of the members, or
                     of the creditors, that the Type A body should be wound
                     up.