140Vesting of property after cancellation

140 Vesting of property after cancellation (1) This section applies if the incorporation of an association is cancelled under section 135. (2) On the cancellation of the incorporation, the property of the association vests in the Registrar. (3) The Registrar may do one or more of the following— (a) give any directions the Registrar thinks just for or with respect to— (i) the discharge of the debts and liabilities of the association; (ii) the distribution of its assets; (iii) the winding up of its affairs; (b) appoint a person to investigate the affairs of the association with a view to the realisation of its assets, discharge of its debts and liabilities, distribution of its assets and winding up of its affairs; (c) if the Registrar is not able to arrange for the distribution of any property vested in the Registrar under this section—sell, or otherwise dispose of, or deal with that property; (d) deduct any costs incurred by the Registrar under paragraph (c) from the sale or disposal of the property; (e) do any act or thing reasonably necessary to be done in the exercise of the Registrar's powers under this section.