164Dissolution of owners corporation

164 Dissolution of owners corporation (1) On the dissolution of an owners corporation (on cancellation of the units plan)— (a) all rights (at law or in equity) of the corporation immediately before the dissolution vest in the former members as tenants in common in shares proportional to their unit entitlement immediately before the dissolution; and (b) the former members are liable separately and together for all the liabilities of the corporation existing immediately before dissolution. (2) For subsection (1), a reference in a document to an owners corporation that has been dissolved is taken to be a reference to the former members. Example of a document A contract signed by the owners corporation before the dissolution under which the corporation owes, or is owed, an amount. (3) The operation of subsection (1) on the owners corporation may be varied by cancellation dissolution order (under section 165).

Effects of cancellation Division 11.3