180Winding‑up of life companies

#### 180 Winding‑up of life companies (1) Subject to subsection (2), a life company is not to be wound up except by order of the Court on an application under subsection 175(6) or section 181. (2) A life company may be wound up voluntarily if: (a) the company is a friendly society; and (b) each person with an interest in a benefit fund of the society is a member of the society; and (c) each member of the society has only one vote on a special resolution to wind up the society (whether the resolution is decided on a show of hands or on a poll). For this purpose, a member of the society is a person who is a member of the society for the purposes of the Corporations Act 2001. (3) If a special resolution to wind up a friendly society is passed, the society must lodge a copy of the special resolution with APRA. > Note: Under the Corporations Act 2001, a copy of the resolution must also be lodged with ASIC. (4) A friendly society commits an offence if it does not comply with subsection (3) within 7 days after the day on which the special resolution was passed. Penalty for contravention of this subsection: 30 penalty units. > Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above. (5) Subsection (4) is an offence of strict liability. > Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. > Note 2: For strict liability, see section 6.1 of the Criminal Code.