21Winding up of Authority

##### 21 Winding up of Authority (1) It is hereby declared to be the intention of the Parliament that the winding up of the Authority should be completed on or before 30 June 1990. (2) Where the Minister is of the opinion: (a) that, for the purpose of giving effect to the intention of the Parliament declared in subsection (1), it is desirable that the voluntary winding up of the Authority should commence; or (b) that it is, for any other reason, necessary or desirable that the Authority be wound up; the Minister shall, by notice in writing given to the Authority, direct that the Authority be wound up voluntarily. (3) Where a notice is given to the Authority under subsection (2): (a) the Companies Act 1981 has effect, subject to this Act, as if the Authority has, on the day on which the notice was given, resolved, by a special resolution, that the Authority be wound up voluntarily; (b) the Board shall: (i) within 7 days after the notice was given to the Authority lodge a copy of the notice with the office of the Corporate Affairs Commission for the Australian Capital Territory; and (ii) within 14 days after the notice was given to the Authority, publish a copy of the notice in the Gazette, being a copy that has appended to it a note stating that the Authority is to be wound up voluntarily in pursuance of the direction contained in the notice; and (c) subsections 254(2) and (3) of the Companies Act 1981 do not apply to or in relation to the winding up of the Authority. (4) Upon the winding up or dissolution of the Authority, the property of the Authority remaining after satisfaction of all its debts and liabilities (in this subsection referred to as the surplus) shall be divided among the Commonwealth and the States in such a manner that the total value of the property paid or transferred to the Commonwealth or a State as its share in the surplus shall bear to the total value of the surplus the same proportion, as nearly as practicable, as the sum of the amounts paid to the Authority by the Commonwealth, or by that State, as the case may be, bears to the total of all the amounts that have, from time to time, been paid to the Authority by the Commonwealth and the States. (5) For the purposes of subsection (4), the Northern Territory shall be deemed to be a State. (6) In subsection (4): (a) a reference to an amount paid to the Authority by the Commonwealth shall be read as a reference to an amount paid to the Authority by the Commonwealth out of moneys appropriated by the Parliament for the purpose; (b) a reference to an amount paid to the Authority by a State shall be read as a reference to an amount paid to the Authority by a State out of moneys appropriated by the Parliament of the State for the purpose; and (c) a reference to an amount paid to the Authority by the Northern Territory shall be read as a reference to an amount paid to the Authority by the Northern Territory out of moneys appropriated by the Legislative Assembly of the Northern Territory of Australia for the purpose.