New South Wales Consolidated Acts

NATURE CONSERVATION TRUST ACT 2001 - SECT 44A

44A Distribution of outstanding property on winding up

(1) On a winding up of the Trust, the liquidator is to transfer any outstanding property held in the Public Fund after the Trust is wound up to a tax exempt fund that is maintained for a similar purpose to the principal purpose of the Trust.

(2) A "tax exempt fund" is a fund that is on the register of environmental organisations kept under Subdivision 30-E of the Commonwealth Income Tax Assessment Act.

(3) Preference is to be given to a tax exempt fund that is used for the protection of the natural heritage (and any cultural heritage associated with natural heritage) of New South Wales.

(4) The liquidator may also transfer any other outstanding property of the Trust after the Trust is wound up to that tax exempt fund or to any other body or fund having a similar purpose to the principal purpose of the Trust.

(5) Preference is to be given to a fund used for, or a body that has functions with respect to, the protection of the natural heritage (and any cultural heritage associated with natural heritage) of New South Wales.

(6) This section applies despite the provisions of the Corporations Act 2001 of the Commonwealth, as applied by this Act to a winding up or dissolution of the Trust.