143Application of Part 5.7 of Corporations Act 2001 of the Commonwealth

143 Application of Part 5.7 of Corporations Act 2001 of the Commonwealth

143 Application of Part 5.7 of Corporations Act 2001 of the Commonwealth

(1) The winding up of the affairs of an authority in New South Wales 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 Part 5.7 of the Corporations Act 2001 of the Commonwealth, subject to the following modifications—

(a) the provisions of the Part are to be read as if that Part extended to the winding up of the affairs of an authority in New South Wales,

(b) the functions of winding up an authority’s affairs may be exercised by a liquidator appointed by the Minister under subsection (2),

(c) such modifications (within the meaning of Part 3 of the Corporations (Ancillary Provisions) Act 2001) as may be prescribed by the regulations.

Note—

Part 3 of the Corporations (Ancillary Provisions) Act 2001 provides for the application of provisions of the Corporations Act 2001 and Part 3 of the Australian Securities and Investments Commission Act 2001 of the Commonwealth 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. Section 14 (2) of the Corporations (Ancillary Provisions) Act 2001 ensures that a declaration made for the purposes of Part 3 of that Act only operates to apply a provision of the Corporations legislation to a matter as a law of the State if that provision does not already apply to the matter as a law of the Commonwealth. If a provision referred to in a declaration already applies as a law of the Commonwealth, nothing in the declaration will affect its continued operation as a law of the Commonwealth.

(2) The Minister may appoint a person (whether or not the person is a registered liquidator) to be a liquidator in relation to the winding up of an authority’s affairs for the purposes of subsection (1).