New South Wales Consolidated Acts

ROMAN CATHOLIC CHURCH COMMUNITIES' LANDS ACT 1942 - SECT 20

20 Voluntary winding up

(1) A body corporate created by this Act may be voluntarily wound up under this section if:

(a) a notice of the proposed voluntary winding up of the body corporate is published in a newspaper circulating in the relevant diocese, and

(b) at least one month after that notice is published at least 75 per cent of the members of the body corporate have passed a resolution in favour of voluntary winding up, and

(c) the Bishop of the relevant diocese has issued a certificate under the Bishop’s hand and seal:

(i) approving the voluntary winding up of the body corporate, and

(ii) certifying that the requirements of this subsection have been satisfied in relation to the body corporate.

(2) Except with the leave of the Court, the members of a body corporate cannot resolve that it be wound up voluntarily if proceedings for the body corporate to be wound up by the Court under section 21 have been commenced and have not been finally determined.

(3) A body corporate is not authorised to acquire any assets or incur any liabilities after the passing of a resolution under subsection (1) (b) that it be wound up voluntarily. However, the corporate status and other corporate powers of the body corporate continue until it is wound up under this section.

(4) If the Bishop has certified that all of the requirements of subsection (1) have been satisfied in relation to a body corporate, the body corporate must be wound up.

(5) The Bishop who approves a voluntary winding up of a body corporate must ensure that notice of the winding up of a body corporate under the Corporations Act 2001 of the Commonwealth is published in a newspaper circulating in the relevant diocese.

(6) Subsection (3) ceases to apply if the Bishop decides not to approve a voluntary winding up.