Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 509

509. (1) As soon as the affairs of the company are fully wound up, the
liquidator shall make up an account showing how the winding up has been
conducted and the property of the company has been disposed of and, when the
account is so made up, he or she shall convene a general meeting of the
company, or, in the case of a creditors' voluntary winding up, a meeting of
the creditors and members of the company, for the purpose of laying before it
the account and giving any explanation of the account.

(2) The meeting shall be convened by an advertisement published in the Gazette
at least 1 month before the meeting specifying the date, time, place and
purpose of the meeting.

(3) The liquidator shall, within 7 days after the meeting, lodge a return of
the holding of the meeting and of its date with a copy of the account attached
to the return.

(4) At a meeting of the company, 2 members constitute a quorum and, at a
meeting of the creditors and members of the company, 2 creditors and 2 members
constitute a quorum and, if a quorum is not present at the meeting, the
liquidator shall, in place of the return mentioned in subsection (3), lodge a
return (with account attached) stating that the meeting was duly convened and
that no quorum was present and, upon such a return being lodged, the
provisions of that subsection as to the lodging of the return shall be deemed
to have been complied with.

(5) Subject to subsection (6), at the end of the period of 3 months after the
lodging of the return the company is dissolved.

(6) On the application of the liquidator or of any other party who appears to
the Court to be interested, the Court may, before the end of the period of 3
months referred to in subsection (5), by order, declare that subsection (5) is
not to apply in relation to the company and specify the date on which the
company is to be dissolved and, where the Court makes such an order, the
company is dissolved on the date specified in the order.

(7) The person on whose application an order of the Court under this section
is made shall, within 14 days after the making of the order, lodge an office
copy of the order.