177Winding up of corporations

177 Winding up of corporations

177 Winding up of corporations

(1) The Minister may, by order published in the Gazette, order that a corporation be wound up if—

(a) requested to do so by the corporation, after a resolution to wind up the corporation was passed at a meeting of the corporation by not less than 75% of the members, or

(b) the administrator of the corporation has recommended that the corporation be wound up.

(2) The order must appoint a person as the liquidator of the corporation.

(3) The regulations may make provision for or with respect to the winding up of a corporation and for the disposal of residual assets of the corporation.

(4) The Minister may, by order published in the Gazette, abolish a corporation if satisfied that the winding up of the corporation under this section has been completed.

s 177: Subst 2010 No 133, Sch 2[54].