Commonwealth act

Close Corporations (Liquidators' Recovery Trust Fund Contribution) Act 1989

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

122 of 1989

Collection

act

Plain English Summary

2/10 complexity

Creates a one‑time fee (a "liquidators' recovery trust fund contribution") payable when registering a close corporation, charged to those subscribing the founding statement. Up to $50 (set by regulation), the money funds a trust to pay liquidators' costs when close corporations are wound up. The Act operates alongside the Close Corporations Act 1989 and imports its definitions and rules.

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Current sections

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Close Corporations (Liquidators' Recovery Trust Fund Contribution) Act 1989

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Close Corporations (Liquidators’ Recovery Trust Fund Contribution) Act 1989

No. 122 of 1989

An Act to impose a tax, known as a liquidators’ recovery trust fund contribution, on persons desiring to form close corporations

[Assented to 14 July 1989]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title

This Act may be cited as the Close Corporations (Liquidators’ Recovery Trust Fund Contribution) Act 1989.

Commencement

This Act commences on the same day as section 127 of the Close Corporations Act 1989.

Incorporation

The Close Corporations Act 1989 is incorporated, and shall be read as one, with this Act.

Imposition of tax

The tax by the name of liquidators’ recovery trust fund contribution that is payable under section 127 of the Close Corporations Act 1989 by the subscribers to the founding statement of a proposed close corporation is imposed by this Act.

Amount of tax

The amount of the tax is such amount (not exceeding $50) as is prescribed.

Regulations

The Governor-General may make regulations prescribing an amount for the purposes of section 5.

[Minister’s second reading speech made in—

House of Representatives on 25 May 1988

Senate on 14 October 1988]

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Close Corporations (Liquidators' Recovery Trust Fund Contribution) Act 1989