Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) A corporation, the administrator of a corporation or a member of a corporation may apply to the Court for an order for the cancellation of the units plan.
(2) A copy of an application under this section shall be served on the Registrar-General.
(3) On an application made under subsection (2), the Court may make a provisional order, or a final order, for the cancellation of the units plan or may make an order dismissing the application.
(4) The Court shall not make an order for the cancellation of a units plan unless it is satisfied that, having regard to the rights and interests of all persons having estates or interests (whether registered or not) in the units, it is just and equitable to do so.
(5) If the Court considers, on an application for an order under this section, that it is necessary to impose conditions, and give directions, to be complied with before the making of a final order for the cancellation of the units plan for the purpose of adjusting, as between all persons having registered estates or interests in the units, the respective rights and duties of those persons so far as they may be affected by the cancellation of the units plan, the Court shall make a provisional order for the cancellation of the units plan specifying the conditions and directions to be complied with before the making of a final order.
(6) The Court may, if satisfied, on an application made for the purpose, that the conditions and directions specified in the provisional order have been complied with, make a final order for the cancellation of the units plan.
(7) A final order may include directions to be complied with after the cancellation of the units plan and, in such a case, the order may be enforced as if it were a judgment of the Court obtained by a person for whose benefit the directions were given against the person required to comply with the directions.