Western Australian Current Acts Western Australian Current Acts The purpose of this
Part is to ensure that —
(a) each
society is wound up; and
(b)
apart from being used to pay the liabilities of the society, the property of
each society is distributed so that —
(i)
each member (other than a contributing member) and each
director receives no more than the refund of his or her membership share;
(ii)
each contributing member receives no more than the refund
of his or her membership share and the maximum distribution for that member;
and
(iii)
the remainder is transferred to the State.