National Trust Act 2006
48Winding up
Start here
Get a plain-English read of 48
Turn the raw legal text into a practical explanation grounded in National Trust Act 2006.
48 Winding up
(1) The Trust may be wound up in the same manner as that in which a company may be wound up under the Companies (Tasmania) Code but only on the ground that it is unable to pay its debts, and for that purpose Part XII (Winding up) of that Code applies to the Trust as if it were a company.
(2) If the Trust is wound up –
(a) a person is not, as a present or past member, liable to contribute to the property of the Trust for the purposes of payment of its debts or liabilities or of the costs, charges or expenses of the winding-up or for the purposes of the adjustment of the rights of such members among themselves; and
(b) the property of the Trust alone is liable for those purposes.
(3) The liquidator appointed for the winding-up of the Trust is to transfer any property to such body or person as the Minister may direct, on such terms (including as to any consideration to be paid) as the Minister thinks appropriate.
(4) Property ordered to be transferred under this section is not liable to be applied in discharge of the Trust’s debts or liabilities or of the costs, charges or expenses of the winding-up, but is to be transferred subject to any trust, mortgage, charge or encumbrance to which it was subject immediately before being transferred.