76Distribution of assets on winding up

76 Distribution of assets on winding up (1) Subject to subsections (2) and (3), it is not lawful to distribute among members, former members or associates of members or former members of an incorporated association, other than an incorporated trading association, surplus assets available for distribution at the completion of the winding up of the association under this Division. Associations Act 2003 51 (2) The surplus assets of an incorporated association may, with the consent of the Director, be distributed to a member of the association if the member is also an incorporated association that has identical or similar aims and objects. (3) Subject to any order of the Supreme Court, the surplus assets of an incorporated association are, on a winding up of the association, to be distributed in accordance with: (a) the constitution of the association; or (b) if there is no valid constitution of the association governing distribution of the surplus assets – a special resolution of the (4) The Court may, on the application of the Director, a liquidator or a member of an incorporated association, determine how surplus assets of the association are to be distributed on a winding up. (5) The Court must, in determining how the surplus assets of an incorporated association are to be distributed, have regard to the objects of the association and the provisions of the constitution of the association governing distribution of surplus assets. surplus assets, in relation to the winding up of an incorporated association, means the assets that remain after the liabilities of the association have been discharged and the costs and expenses of the winding up have been paid.