59Winding up voluntarily or by court

59 Winding up voluntarily or by court

S. 59(1) amended by No. 6505 s. 2.

(1) A society may be wound up voluntarily or by the court or upon a certificate of the registrar.

S. 59(2) amended by Nos 6455 s. 2(Sch. 1 Pt 2 item 6(1)(a)), 6839 s. 4(Sch. 1
Pt 2 item 5(a)), 7388 s. 2(a), 9699 s. 23, substituted by No. 44/2001 s. 3(Sch. item 19.5).

(2) The winding up of a co-operative housing society voluntarily or on the certificate of the registrar under subsection (4) is declared to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to the provisions of Parts 5.5, 5.6, 5.7B, 5.8, 5.8A and 5.9 of the Corporations Act, subject to the following modifications—

(c) a reference in those provisions to a special resolution is to be read as a reference to a special resolution under this Act;

(d) a reference in those provisions to a registered liquidator is to be read as a reference to a person approved by the registrar under subsection (2AA);

(e) in the case of a winding up upon the certificate of the registrar—

(i) a reference in those provisions to the liquidator is to be read as a reference to the liquidator appointed under subsection (6);

(ii) any vacancy occurring in the office of liquidator is to be filled by appointment by the registrar;

(iii) the winding up is deemed to commence at the date of the certificate of the registrar;

(f) any other modifications (within the meaning of Part 3 of the Corporations (Ancillary Provisions) Act 2001) that are prescribed by the regulations.