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CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 526.5 Grounds for Court ordered winding up

CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 526.5

Grounds for Court ordered winding up

    The following are the grounds on which an Aboriginal and Torres Strait Islander corporation may be wound up:

  (a)   the corporation has by special resolution resolved that it be wound up by the Court;

  (b)   the business or operations of the corporation were not commenced within 1 year after its registration or have been suspended for a continuous period of 1 year;

  (c)   the corporation has ceased to satisfy a requirement for registration imposed by section   141 - 5, 141 - 10 or 141 - 15;

  (d)   section   26 - 15 precludes the continued registration of the corporation;

  (e)   the officers of the corporation have acted in the affairs of the corporation:

  (i)   in their own interests rather than in the interests of the members of the corporation as a whole; or

  (ii)   in a way that appears to be unfair or unjust to the members of the corporation;

  (f)   the affairs of the corporation are being conducted in a way that is:

  (i)   oppressive; or

  (ii)   unfairly prejudicial to, or unfairly discriminatory against, a member or members of the corporation; or

  (iii)   contrary to the interests of the members of the corporation as a whole;

  (g)   an act or omission, or a proposed act or omission, by or on behalf of the corporation was or would be:

  (i)   oppressive; or

  (ii)   unfairly prejudicial to, or unfairly discriminatory against, a member or members of the corporation; or

  (iii)   contrary to the interests of the members as a whole;

  (h)   a resolution, or a proposed resolution, of a class of members of the corporation, was or would be:

  (i)   oppressive; or

  (ii)   unfairly prejudicial to, or unfairly discriminatory against, a member or members of the corporation; or

  (iii)   contrary to the interests of the members of the corporation as a whole;

  (i)   the corporation is insolvent;

  (j)   the directors of the corporation have failed to comply with a notice that the Registrar has given the directors under section   439 - 20;

  (k)   the corporation has failed, for a prescribed period, to lodge any financial or other reports required to be lodged by Part   7 - 3;

  (l)   by reason of the complexity or magnitude of the activities of the corporation, it is inappropriate that it continue to be registered under this Act;

  (m)   the Court is satisfied that it is in the interests of:

  (i)   the public; or

  (ii)   the corporation's members; or

  (iii)   the corporation's creditors;

    that the corporation should be wound up;

  (n)   the Court is satisfied that it is just and equitable that the corporation be wound up.