179Dissolution of a corporation

179 Dissolution of a corporation

(1) Where, by reason of the dissolution of a corporation either before or after the commencement of this Act, a legal estate in any property has determined, the Court may by order create a corresponding estate and vest the same in the person who would have been entitled to the estate which determined had it remained a subsisting estate[40].

S. 179(2) substituted by No. 6455 s 2, amended by Nos 6839 s. 4(Sch. 1), 6867 s. 2(Sch. 1), 9427 s. 6(1)(Sch. 5 item 148), 9699 s. 23, 44/2001 s 3(Sch. item 93).

(2) Nothing in this section shall affect the operation of any provisions of the Corporations Act relating to the powers and duties of the Australian Securities and Investments Commission in relation to the dissolution and property of defunct companies, and in the cases to which such provisions apply they shall be given effect to as if subsection (1) of this section had not been passed.

General

No. 3754 s. 180.

S. 180 amended by No. 23/1998 s. 8(2).