77Distribution of assets

77 Distribution of assets

77 Distribution of assets

(1) On the cancellation of an association’s registration under this Division, the association’s property vests in the Secretary.

(2) The Secretary—

(a) may give such directions as the Secretary considers just for or with respect to the payment of the association’s debts and liabilities, the distribution of its property and the finalisation of its affairs, and

(b) may appoint a person for the purpose of investigating the affairs of the association with a view to the realisation of its property, payment of its debts, discharge of its liabilities, distribution of its property and finalisation of its affairs, and

(c) may do all such other acts and things as are reasonably necessary to be done for the purpose of the exercise of the Secretary’s powers under this section.

(3) The Secretary is entitled to be paid out of an association’s property any costs reasonably incurred in the exercise of the Secretary’s powers under this section in relation to the association.

(4) A person aggrieved by the operation of this section in relation to an association’s property may apply to the Supreme Court for an order about the disposal of the property.

(5) The Supreme Court may deal with an application by making the orders the Court thinks fit in relation to the disposal of the association’s property.

s 77: Am 2024 No 25, Sch 7.1[11]; 2024 No 53, Sch 1.1.