Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) Prescribed property, or a part of prescribed property, is not an asset in the winding up of an incorporated association unless consent in writing has been given by:
(a) in the case of a lease under the Special Purposes Leases Act – the Minister administering that Act; or
(b) in the case of a lease under the Crown Lands Act – the Minister administering that Act; or
(c) in any other case – the Minister.
(2) If consent required under subsection (1) is refused, the prescribed property or part thereof vests in the Territory.
(3) Property vested in the Territory under subsection (2) is liable and subject to all charges, claims and liabilities imposed on or affecting the property by reason of a law as to rates, taxes, charges or another matter or thing to which the property would have been liable or subject had the property continued in the possession, ownership or occupation of the association.
(4) If there is an acquisition of property by the Territory as a result of property vesting in the Territory under subsection (2), the Territory is liable to pay just compensation to the person from whom the property was acquired.
(5) If there is no acquisition of property by the Territory as a result of property vesting in the Territory under subsection (2), the Minister may pay an amount in relation to any claim for improvements made to the property before the property vested in the Territory.
(6) If:
(a) a secured creditor sells prescribed property or part thereof after the commencement of the winding up of an incorporated association; and
(b) consent required under subsection (1) is subsequently refused;
any surplus after all secured debts and any allowable costs and expenses have been deducted from the proceeds of the sale vests in the Territory.