South Australian Current Regulations South Australian Current Regulations10—Displacement and application of Corporations legislation in relation
to winding up
(1) The winding up of
an incorporated limited partnership is declared to be an excluded matter for
the purposes of section 5F of the Corporations Act in relation to
Part 5.7 (Winding up bodies other than companies) of that Act.
(2) Part 5.7 of
the Corporations Act applies, subject to the following changes, to the winding
up of an incorporated limited partnership (other than a voluntary winding up
or a winding up required on a certificate of the Commission):
(a) as
if the incorporated limited partnership were a Part 5.7 body within the
meaning of that Act;
(b) as
if "or in the public interest" were inserted after "just and equitable" in
section 583(c)(ii);
(c) as
if paragraph (d) were deleted from section 583.
(3) The Australian
Securities and Investments Commission ("ASIC") may exercise a function given
to it under Part 5.7 of the Corporations Act as amended by
subregulation (2) if—
(a) the
function is exercised under an agreement or arrangement of the kind mentioned
in section 11(8) or (9A)(b) of the Australian Securities and Investments
Commission Act 2001 of the Commonwealth; and
(b) ASIC
is authorised to exercise that function under section 11 of that Act.
(4) Except where a
function under Part 5.7 of the Corporations Act as amended by
subregulation (2) has been given to ASIC (see subregulation (3)),
that Part applies as if a reference in it to ASIC were a reference to the
Commission.