New South Wales Consolidated Acts

ASSOCIATIONS INCORPORATION ACT 1984 - SECT 55

55 Vesting of property after cancellation of incorporation

(1) Where the incorporation of an incorporated association (not being an incorporated association the winding up of which commenced before the cancellation) is cancelled under section 54:

(a) the property of the association vests in the Director-General, and

(b) subject to subsection (3), the Director-General may give such directions as the Director-General deems just for or with respect to the payment of the debts and liabilities of the association, the distribution of its property and the winding up of its affairs and:

(i) may appoint a person for the purpose of investigating the affairs of the association with a view to the realisation of its property, payment of its debts, discharge of its liabilities, distribution of its property and winding up of its affairs, and

(ii) may do all such other acts and things as are reasonably necessary to be done for the purpose of the exercise of the Director-General’s powers under this section.

(2) The Director-General is entitled to be paid out of the property of an incorporated association the reasonable costs incurred by the Director-General in the exercise of the Director-General’s powers under this section in relation to the association.

(3) Section 53 applies to and in respect of the vesting under this section of property of an incorporated association remaining after satisfaction of the debts and liabilities of the association and the payment of any amount under subsection (2) in the same way as that section applies to and in respect of the vesting of that property in a winding up of an incorporated association.