Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if:
(a) an Aboriginal and Torres Strait Islander corporation (the amalgamated corporation ) is registered under Part 2 - 3 as a result of an application made under section 23 - 1 to register the amalgamated corporation to replace 2 or more existing Aboriginal and Torres Strait Islander corporations (the amalgamating corporations ); and
(b) a person stopped being a member of an amalgamating corporation before the registration of the amalgamated corporation.
(2) The person is to be treated as a past member of the amalgamated corporation in applying Division 2 of Part 5.6 of the Corporations Act (as applied by section 526 - 35 of this Act) to a winding up of the amalgamated corporation.
(3) However, the person's liability to contribute to the amalgamated corporation's property is further limited by this section to an amount sufficient for the following:
(a) payment of debts and liabilities contracted by the amalgamating corporation before the registration of the amalgamated corporation;
(b) payment of the costs, charges and expenses of winding up the amalgamated corporation, so far as those costs, charges and expenses relate to those debts and liabilities;
(c) the adjustment of the rights between the contributories, so far as the adjustment relates to those debts and liabilities.