New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 324

324 Winding up on Registrar’s certificate

(1) A co-operative may be wound up on a certificate of the Registrar only if the necessary grounds for the taking of that action exist, as referred to in section 343.

(2) Such a winding up commences when the certificate is given.

(3) The Registrar may then appoint a person to be the liquidator of the co-operative (who need not be a registered liquidator under the Corporations Act) and the liquidator must within 10 days after appointment give notice of his or her appointment by advertisement in the Gazette.

(4) The liquidator is to give such security as may be prescribed and is entitled to receive such fees as are fixed by the Council.

(4A) The Registrar may exempt the liquidator from the requirement to provide the security required by subsection (4), either unconditionally or subject to conditions. A liquidator who contravenes a condition of an exemption is taken not to be exempt from the requirement.

(5) Any vacancy occurring in the office of liquidator is to be filled by a person appointed by the Registrar.