sec.17FInsolvency events

### sec.17F Insolvency events For this section, an insolvency event happens if— the Association is insolvent or states that it is insolvent; or the Association takes a step to obtain, or is granted, protection under a law from a creditor; or the Association’s members pass a special resolution to wind up the Association; or an event or circumstances mentioned in the Associations Incorporation Act 1981 , section 91 happen; or under the Associations Incorporation Act 1981 , section 92C or 93, the incorporation of the Association is cancelled by the chief executive of the department in which that Act is administered; or a receiver, or receiver and manager, is appointed to the Association or any of its assets; or a mortgagee takes possession of any of the Association’s assets or undertakings; or anything else happens that corresponds, or has a substantially similar effect, to an event or circumstances mentioned in paragraphs (a) to (g) . If an insolvency event happens, all prescribed land is divested from the Association and vests for an estate in fee simple in the State subject to any mortgages, charges, encumbrances, liens, leases, easements, agreements, licences, and other transactions affecting the land at the time of the insolvency event. No compensation is payable by the State to the Association or any other person because of the operation of subsection (2) . The chief executive may give to the registrar— a certificate stating that an insolvency event has happened; and a request to record the vesting of the prescribed land in the State under subsection (2) . On receiving the certificate and request, the registrar must record the vesting of the prescribed land in the freehold land register in the appropriate way. However, subsection (5) applies subject to any declaration by a court that the insolvency event has not happened. To remove any doubt, it is declared that, if under this section prescribed land is divested from the Association and vested for an estate in fee simple in the State, nothing in this Act limits how the State may use or deal with the land. s 17F ins 2010 No. 35 s 46 amd 2020 No. 17 s 68 sch 1 (sec.17F-ssec.1) For this section, an insolvency event happens if— the Association is insolvent or states that it is insolvent; or the Association takes a step to obtain, or is granted, protection under a law from a creditor; or the Association’s members pass a special resolution to wind up the Association; or an event or circumstances mentioned in the Associations Incorporation Act 1981 , section 91 happen; or under the Associations Incorporation Act 1981 , section 92C or 93, the incorporation of the Association is cancelled by the chief executive of the department in which that Act is administered; or a receiver, or receiver and manager, is appointed to the Association or any of its assets; or a mortgagee takes possession of any of the Association’s assets or undertakings; or anything else happens that corresponds, or has a substantially similar effect, to an event or circumstances mentioned in paragraphs (a) to (g) . (sec.17F-ssec.2) If an insolvency event happens, all prescribed land is divested from the Association and vests for an estate in fee simple in the State subject to any mortgages, charges, encumbrances, liens, leases, easements, agreements, licences, and other transactions affecting the land at the time of the insolvency event. (sec.17F-ssec.3) No compensation is payable by the State to the Association or any other person because of the operation of subsection (2) . (sec.17F-ssec.4) The chief executive may give to the registrar— a certificate stating that an insolvency event has happened; and a request to record the vesting of the prescribed land in the State under subsection (2) . (sec.17F-ssec.5) On receiving the certificate and request, the registrar must record the vesting of the prescribed land in the freehold land register in the appropriate way. (sec.17F-ssec.6) However, subsection (5) applies subject to any declaration by a court that the insolvency event has not happened. (sec.17F-ssec.7) To remove any doubt, it is declared that, if under this section prescribed land is divested from the Association and vested for an estate in fee simple in the State, nothing in this Act limits how the State may use or deal with the land. - (a) the Association is insolvent or states that it is insolvent; or - (b) the Association takes a step to obtain, or is granted, protection under a law from a creditor; or - (c) the Association’s members pass a special resolution to wind up the Association; or - (d) an event or circumstances mentioned in the Associations Incorporation Act 1981 , section 91 happen; or - (e) under the Associations Incorporation Act 1981 , section 92C or 93, the incorporation of the Association is cancelled by the chief executive of the department in which that Act is administered; or - (f) a receiver, or receiver and manager, is appointed to the Association or any of its assets; or - (g) a mortgagee takes possession of any of the Association’s assets or undertakings; or - (h) anything else happens that corresponds, or has a substantially similar effect, to an event or circumstances mentioned in paragraphs (a) to (g) . - (a) a certificate stating that an insolvency event has happened; and - (b) a request to record the vesting of the prescribed land in the State under subsection (2) .