Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 534

(1)

Where:

(a)

a report has been lodged under section 533; and

(b)

it appears to the Commission that the matter is not one in respect of which a prosecution ought to be begun;

it shall inform the liquidator accordingly, and the liquidator may begin a prosecution for any offence referred to in the report.

(2)

The Commission may direct that the whole or a specified part of the costs and expenses properly incurred by a liquidator in proceedings under this section shall be paid out of money of the Commission.

(3)

Subject to a direction under subsection (2), to any charges on the property of the company and to any debts to which this Law gives priority, all such costs and expenses are payable out of that property as part of the costs of the winding up.