Victorian Current Acts

CORPORATIONS (VICTORIA) ACT 1990 - SECT 57

    (1)     In this section—

relevant money means—

        (a)     money that, immediately before the commencement of this section, stood to the credit of the Companies Liquidation Account established by section 428 of the Companies (Victoria) Code ; and

        (b)     money that, after the commencement of this section, is paid into the Companies Liquidation Account under provisions of the Companies (Victoria) Code that are taken to continue in force after the commencement of Chapter 5 of the Corporations Law for the purposes of windings up started before the commencement of that Chapter.

    (2)     Relevant money is to be dealt with in accordance with section 427 of the Companies (Victoria) Code .

S. 57(3) inserted by No. 100/1995 s. 21.

    (3)     Despite anything to the contrary in this section or in section 601 of the Corporations Law, for the purposes of windings up started before the commencement of Chapter 5 of that Law, the provisions of the Companies (Victoria) Code are taken to remain in force and apply, from the commencement of section 21 of the Miscellaneous Acts (Omnibus Amendments) Act 1995 , as if—

        (a)     in section 427 of that Code subsection (6) were repealed; and

        (b)     for subsection (7) of section 427 of that Code there were substituted—

    "(7)     If a person claims to be entitled to any money paid to the credit of the Consolidated Fund under section 57(4) of the Corporations (Victoria) Act 1990 or section 428 of this Code, the Treasurer must, if he or she is satisfied that the person is entitled to that money, pay to the person an equivalent amount."; and

        (c)     in section 427(10) of that Code the words "out of moneys appropriated by the Parliament for the purpose" were omitted ; and

        (d)     in section 428 of that Code—

              (i)     subsections (1) and (3) were repealed ; and

              (ii)     in subsection (2) for "Companies Liquidation Account" there were substituted "Consolidated Fund".

S. 57(4) inserted by No. 100/1995 s. 21.

    (4)     Any money that, immediately before the commencement of section 21 of the Miscellaneous Acts (Omnibus Amendments) Act 1995 , stood to the credit of the Companies Liquidation Account is to be paid to the Consolidated Fund.

S. 57(5) inserted by No. 100/1995 s. 21.

    (5)     The Consolidated Fund is appropriated to the necessary extent to enable the Treasurer to pay amounts in accordance with subsection (3).

Pt 11 (Heading) amended by No. 43/2001 s. 30(10).

Part 11—The ASIC Law, and the ASIC Regulations, of Victoria

Pt 11 Div. 1 (Heading) amended by No. 37/1999 s. 58(Sch. 1 item 1.9). ^[1]

Division 1—Application of ASIC Act and ASIC Regulations