31Winding up

31 Winding up

31 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 (New South Wales) Code but only on the ground that it is unable to pay its debts, and for that purpose Part 12 (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) In the event of the winding up of the Trust, any property vested in the Trust which the regulations provide is “protected property” for the purposes of this section is to be dealt with in accordance with subsection (4).

(4) The liquidator appointed for the winding up of the Trust is to transfer any protected 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.

(5) Property ordered to be transferred under this section is not liable to be applied in discharge of the Trust’s debts or liabilities or the costs, charges and 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 prescribed as protected property.

(6) A regulation that prescribes property as protected property can be made only on the recommendation of the Minister and the Minister is not to recommend the regulation unless satisfied that the property concerned is of special significance.