9Modification of Part 5.5—voluntary winding up

9 Modification of Part 5.5—voluntary winding up

9 Modification of Part 5.5—voluntary winding up

(1) The Corporations Act is modified by omitting section 493 and inserting instead—

(2) The Corporations Act, section 496 is modified by omitting section 496(1) and inserting instead—

(1) Where the liquidator is at any time of the opinion that the body corporate will not be able to pay or provide for the payment of its debts in full within the period not exceeding 12 months after the commencement of the winding up, the liquidator must apply for the body corporate to be wound up as soon as practicable.

(3) The Corporations Act, section 501 is modified by—

(a) omitting “and, subject to that application, must, unless the company’s constitution otherwise provides, be distributed among the members according to their rights and interests in the company”, and

(b) inserting instead “and any surplus must be distributed in accordance with the Roman Catholic Church Communities’ Lands Act 1942, section 23”.