ASSOCIATIONS INCORPORATION REGULATIONS 2016 - REG 5

ASSOCIATIONS INCORPORATION REGULATIONS 2016 - REG 5

5 .         Approval of liquidator

        (1)         This section applies if the Commissioner is satisfied that a person is a fit and proper person to exercise the powers and perform the duties of liquidator of an incorporated association, having regard to —

            (a)         the property, debts and liabilities of the incorporated association; and

            (b)         the interests of the creditors and members of the incorporated association.

        (2)         The Commissioner may, in writing —

            (a)         approve the person referred to in subregulation (1) acting as liquidator of the incorporated association, subject to any conditions the Commissioner considers appropriate; and

            (b)         vary or revoke that approval or those conditions.

        (3)         A person may act as liquidator of an incorporated association only in accordance with the Commissioner’s approval under subregulation (2).