92Property of defunct association

92 Property of defunct association (1) On the dissolution or the completion of the winding up of an incorporated association, any surplus property of the association is, subject to any trust affecting the property or part of it, taken to— (a) vest in another association (whether or not the other association is incorporated), being an association that complies with subsection (2) and that— (i) has been nominated for this paragraph in the rules of the former association; or (ii) if no association is nominated in those rules—has been nominated by special resolution of the former association; or (b) vest in a fund, authority or institution in Australia mentioned in the Income Tax Assessment Act 1997 (Cwlth), subdivision 30-B (i) has been nominated for this paragraph in the rules of the former association; or (ii) if a fund, authority or institution in Australia is not nominated in the rules—has been nominated by special resolution of the former association; or (c) if no association, fund, authority or institution has been nominated in accordance with paragraph (a) or (b)—vest in the registrar-general. (2) For subsection (1) (a), an association is taken to comply with this subsection if it— (a) has objects substantially the same as the objects of the former (b) is not carried on for the object of securing pecuniary gain for its members; and (c) has a provision in its rules requiring any surplus property of the association to be passed, on the dissolution or winding-up of the association, to another association that— (i) has objects substantially the same as the firstmentioned (ii) is not carried on for the object of securing pecuniary gain for its members. (3) If, for subsection (1), a former association has nominated another association or a fund, authority or institution, by special resolution, the former association must lodge with the registrar-general a notice in writing, signed by at least 2 members of the committee of the former association, certifying that the special resolution was duly passed. (4) A person aggrieved by the operation of subsection (1) in relation to the surplus property of a former association may apply to the Supreme Court for an order in relation to the property. (5) If an incorporated association has been wound up and, in accordance with subsection (1), land or an interest in land (being land in the ACT) vested in the incorporated association is taken to vest in another association, in a fund, authority or institution or in the registrar- general, the registrar-general must enter the entity in which the property is vested as the registered proprietor of the land or interest in land on the land titles register. (6) In this section: surplus property means any property or interest in property of a former association that remains after the satisfaction of any debts or liabilities of the former association and any costs, charges or expenses incurred in the winding-up of the former association.