112Application of Corporations Act to winding up

112 Application of Corporations Act to winding up

(1) The winding up of an incorporated limited partnership (other than a voluntary winding up or a winding up required on a certificate of the Director published under section 108(2)) is declared to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to the provisions of Part 5.7 of the Corporations Act (Winding up bodies other than companies) and that Part applies as if the incorporated limited partnership were a Part 5.7 body within the meaning of that Act, subject to the following modifications—

(a) as if the words "or in the public interest" were inserted in paragraph (c)(ii) of section 583 after the words "just and equitable";

(b) as if paragraph (d) of section 583 did not form part of that section;

(c) any other modifications (within the meaning of Part 3 of the Corporations (Ancillary Provisions) Act 2001) that are prescribed by the regulations.

Part 3 of the Corporations (Ancillary Provisions) Act 2001 provides for the application of provisions of the Corporations Act and Part 3 of the ASIC Act as laws of the State in respect of any matter declared by a law of the State (whether with or without modification) to be an applied Corporations legislation matter for the purposes of that Part in relation to those Commonwealth provisions. This does not apply to any provisions that already apply to a matter as a law of the Commonwealth.

(2) The Australian Securities and Investments Commission may perform a function conferred on it under a law applied by subsection (1)—

(a) pursuant to an agreement or arrangement of the kind referred to in section 11(8) or (9A)(b) of the ASIC Act; and

(b) if the Commission is authorised to perform that function under section 11 of that Act.

(3) Unless a function under a law applied by subsection (1) is conferred on the Australian Securities and Investments Commission as referred to in subsection (2), that law applies as if a reference in it to the Commission were a reference to the Director.

S. 113 inserted by No. 99/2003 s. 4.