ASSOCIATIONS INCORPORATION ACT 1985 - SECT 41D

ASSOCIATIONS INCORPORATION ACT 1985 - SECT 41D

41D—Disclosure to creditors on voluntary winding up

        (1)         Where a meeting of creditors of an incorporated association is to be held in accordance with Division 3 of Part 5.5 of the Corporations Act 2001 of the Commonwealth, as it applies to the incorporated association by virtue of this Part, the committee of the association must—

            (a)         cause to be laid before the meeting of creditors a report in the form prescribed by the regulations, and verified by all members of the committee, as to the affairs of the association, made up to the latest practicable date before the notices of the meeting of creditors were sent; and

            (b)         appoint a member of the committee to attend the meeting of creditors.

        (2)         A member of the committee appointed under subsection (1)(b) must attend the meeting of creditors and disclose to the meeting the affairs of the association and the circumstances leading up to the proposed winding up.

        (3)         The committee must, not later than seven days after the report referred to in subsection (1)(a) is laid before the meeting of creditors, lodge a copy of the report with the Commission.

        (4)         If a committee or a committee member fails to comply with a requirement of this section, each committee member or that particular committee member (as the case may be) is guilty of an offence.

Maximum penalty: $5 000.