Commonwealth Numbered Acts

AUSTRALIAN BICENTENNIAL AUTHORITY ACT 1980 No. 49 of 1980 - SECT 21

21. (1) It is hereby declared to be the intention of the Parliament that the
winding up of the Authority should be completed on or before 30 June 1990.

(2) Where the Minister is of the opinion-

   (a)  that, for the purpose of giving effect to the intention of the
        Parliament declared in sub-section (1), it is desirable that the
        voluntary winding up of the Authority should commence; or

   (b)  that it is, for any other reason, necessary or desirable that the
        Authority be wound up, the Minister shall, by notice in writing given
        to the Authority, direct that the Authority be wound up voluntarily.

(3) Where a notice is given to the Authority under sub-section (2)-

   (a)  the Companies Ordinance 1962 has effect, subject to this Act, as if
        the Authority has, on the day on which the notice was given, resolved,
        by a special resolution, that the Authority be wound up voluntarily;

   (b)  the Board shall-

        (i)    within 7 days after the notice was given to the Authority lodge
               a copy of the notice with the Registrar of Companies holding
               office under the Companies Ordinance 1962; and

        (ii)   within 14 days after the notice was given to the Authority,
               publish a copy of the notice in the Gazette, being a copy that
               has appended to it a note stating that the Authority is to be
               wound up voluntarily in pursuance of the direction contained in
               the notice; and

   (c)  sub-sections 254 (2) and (3) of the Companies Ordinance 1962 do not
        apply to or in relation to the winding up of the Authority.

(4) Upon the winding up or dissolution of the Authority, the property of the
Authority remaining after satisfaction of all its debts and liabilities (in
this sub-section referred to as the surplus) shall be divided among the
Commonwealth and the States in such a manner that the total value of the
property paid or transferred to the Commonwealth or a State as its share in
the surplus shall bear to the total value of the surplus the same proportion,
as nearly as practicable, as the sum of the amounts paid to the Authority by
the Commonwealth, or by that State, as the case may be, bears to the total of
all the amounts that have, from time to time, been paid to the Authority by
the Commonwealth and the States.

(5) For the purposes of sub-section (4), the Northern Territory shall be
deemed to be a State.

(6) In sub-section (4)-

   (a)  a reference to an amount paid to the Authority by the Commonwealth
        shall be read as a reference to an amount paid to the Authority by the
        Commonwealth out of moneys appropriated by the Parliament for the
        purpose;

   (b)  a reference to an amount paid to the Authority by a State shall be
        read as a reference to an amount paid to the Authority by a State out
        of moneys appropriated by the Parliament of the State for the purpose;
        and

   (c)  a reference to an amount paid to the Authority by the Northern
        Territory shall be read as a reference to an amount paid to the
        Authority by the Northern Territory out of moneys appropriated by the
        Legislative Assembly of the Northern Territory of Australia for the
        purpose.