18Winding up

18 Winding up

18 Winding up

(1) Without limiting any application Part 5.7 of the Corporations Law may have apart from this section, the provisions of Part 5.7 with respect to the winding up of a Part 5.7 body under that Law apply to the winding up of the Institute.

(2) Despite section 586 of the Corporations Law, members of the Institute are not required to contribute to the payment of a debt or liability of the Institute on the winding up of the Institute.

(3) Despite section 588 of the Corporations Law, where there is outstanding property of the Institute after the Institute is dissolved, the estate and interest in the property, together with any claims, rights and remedies in relation to that property is to vest in a body—

(a) that, in the opinion of the liquidator, has similar objects to the Institute, and

(b) that is a fund, authority or institution approved by the Commissioner of Taxation as a fund, authority or Institution mentioned in section 78 of the Income Tax Assessment Act 1936 of the Commonwealth.