ASSOCIATIONS INCORPORATION ACT 2009 - SECT 54 Appointment of administrator--Corporations legislation

ASSOCIATIONS INCORPORATION ACT 2009 - SECT 54

54 Appointment of administrator--Corporations legislation

(cf Co-operatives Act 1992 , sections 332 and 332A)

(1) An association is declared to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to the provisions of Part 5.3A and Division 3 of Part 5.9 of the Corporations Act 2001 of the Commonwealth, subject to the following modifications--

(a) those provisions are to be read as if an association and its committee were, respectively, a company and its board,

(b) those provisions are to be read as including the provisions of subsections (2) and (3),

(c) a reference in those provisions to sections 128 and 129 of the Corporations Act 2001 of the Commonwealth is to be read as a reference to sections 23 and 24 of this Act,

(d) a reference in those provisions to an administrator appointed under a provision of Part 5.3A is to be read as including a reference to an administrator appointed by the Secretary under this section,

(e) a reference in those provisions to ASIC is to be read as a reference to the Secretary,

(f) such other modifications (within the meaning of Part 3 of the Corporations (Ancillary Provisions) Act 2001 ) as may be prescribed by the regulations.

(2) Without limiting subsection (1), the Secretary may appoint a person as an administrator for the purposes of the provisions of Part 5.3A of the Corporations Act 2001 of the Commonwealth (as applying under this section) if of the opinion that the association is, or is likely to become, insolvent.

(3) A person appointed under subsection (2) may, but need not, be a registered liquidator within the meaning of the Corporations Act 2001 of the Commonwealth.