Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 74

74. Section 478 of the Corporations Law is amended by omitting subsections (1)
and (2) and substituting the following subsections:

"(1) As soon as practicable after the Court orders that a company be wound up,
the liquidator must:

   (a)  cause the company's property to be collected and applied in
        discharging the company's liabilities; and

   (b)  consider whether subsection (1A) requires him or her to settle a list
        of contributories.

"(1A) A liquidator of a company that is being wound up in insolvency or by the
Court must settle a list of contributories if it appears to him or her likely
that:

   (a)  either:

        (i)    there are persons liable as members or past members to
               contribute to the company's property on the winding up; or

        (ii)   there will be a surplus available for distribution; and

   (b)  it will be necessary:

        (i)    to make calls on contributories; or

        (ii)   to adjust the rights of the contributories among themselves.

"(1B) A liquidator of such a company may rectify the register of members so
far as required under this Part.".