443Winding up on Registrar’s certificate

443 Winding up on Registrar’s certificate

(1) A co-operative may be wound up on a certificate of the Registrar only if the necessary grounds for taking the action exist, as referred to in section 455.

(2) A winding up on a certificate of the Registrar starts when the certificate is given.

(3) On the giving of a certificate, the Registrar may appoint a person to be the liquidator of the co-operative.

(4) The person appointed by the Registrar must be a registered liquidator within the meaning of the Corporations Act, but the Registrar may appoint a person who is not a registered liquidator if the Registrar forms the view that the likely costs of administration by a registered liquidator are excessive taking into account the known assets of the co-operative and the expected extent of debt of the co-operative.

(5) The liquidator must, within 10 days after appointment, give notice of his or her appointment by designated instrument.

(6) A vacancy occurring in the office of liquidator is to be filled by a person appointed by the Registrar.

(7) The Registrar may fix:

(a) the security to be given by a liquidator; and

(b) the fees payable to a liquidator.