444Application of Corporations Act—voluntary winding up and court-ordered winding up

444 Application of Corporations Act—voluntary winding up and court-ordered winding up

(1) Application of this section

This section applies to the winding up of a co-operative:

(a) voluntarily; or

(b) by the Supreme Court.

(2) Winding up of co-operatives

A co-operative may be wound up in the same way and in the same circumstances as a company under the Corporations Act may be wound up.

(3) Application of Corporations Act

The winding up of a co-operative is declared to be an applied Corporations legislation matter for the purposes of the Corporations application legislation of this jurisdiction in relation to Parts 5.4, 5.4A, 5.4B, 5.5 and 5.6 of the Corporations Act, subject to the following modifications:

(a) a reference in section 459B or 459C of the Corporations Act to section 234 of that Act is to be read as a reference to section 133 of this Law;

(b) section 462 (2) (h) of the Corporations Act is taken to be omitted;

(c) the reference in section 464 of the Corporations Act to an investigation under Division 1 of Part 3 of the ASIC Act is to be read as a reference or an investigation or inquiry under this Law;

(d) a reference in section 467B of the Corporations Act to section 233 is to be read as a reference to section 134 of this Law;

(e) section 470 (3) of the Corporations Act is to be read as if the words “, and subsection 1274 (2) applies in relation to the document containing those particulars and to the office copy as if they were documents lodged with ASIC” were omitted;

(f) section 495 of the Corporations Act is to be read as being subject to section 445 of this Law;

(g) section 513B of the Corporations Act is to be read as if it were amended by inserting after paragraph (d):

(da) if, when the resolution was passed, a winding up of the co-operative on the certificate of the Registrar was already in progress—on the date that the certificate was given; or

(h) section 516 of the Corporations Act is to be read as if it were amended by inserting after “past member”, “together with any charges payable by him or her to the co-operative in accordance with the rules of the co-operative”;

(i) section 521 of the Corporations Act is to be read as being subject to section 450 of this Law;

(j) references in section 544 of the Corporations Act to dealing with money under Part 9.7 of that Act are to be read as references to dealing with the money under Part 9.7 of that Act as applying under section 436 of this Law;

(k) references in sections 565–567 of the Corporations Act to 23 June 1993 are, if the Co-operatives National Law Act of this jurisdiction so provides, to be read as references to a date specified in that Act of this jurisdiction for the purposes of this paragraph;