43CID entity insolvency

43 CID entity insolvency

43 CID entity insolvency

(1) A CID entity or a committee member of a CID entity must notify the Authority as soon as possible if—

(a) the CID entity ceases operations, or

(b) the CID entity becomes insolvent, or

(c) an external administrator is appointed for the CID entity under the Associations Incorporation Act 2009, or

(d) steps are taken to—

(i) wind up the CID entity, or

(ii) cancel the CID entity’s registration under the Associations Incorporation Act 2009.

(2) A notice under subsection (1) must include the following information—

(a) the final date, or expected final date, of operations of the CID entity, if applicable,

(b) if the CID entity will cease operations, details of how the CID entity will comply with the Associations Incorporation Act 2009, section 65(3) or 75(3), including the following—

(i) the amount of money held by the CID entity paid to it from the CID Levies Fund, if any,

(ii) other assets held by the CID entity acquired with money paid to it from the CID Levies Fund, if any,

(iii) the expected date of transfer of the money or assets, if any, to the Authority.

s 43: Ins 2025 (622), Sch 1[2].