(1) This section
applies if the Commissioner is satisfied that a person is a fit and proper
person to exercise the powers and perform the duties of liquidator of an
incorporated association, having regard to —
property, debts and liabilities of the incorporated association; and
interests of the creditors and members of the incorporated association.
(2) The Commissioner
may, in writing —
approve the person referred to in subregulation (1) acting as liquidator of
the incorporated association, subject to any conditions the Commissioner
considers appropriate; and
or revoke that approval or those conditions.
(3) A person may act
as liquidator of an incorporated association only in accordance with the
Commissioner’s approval under subregulation (2).