Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection (5), an Aboriginal and Torres Strait Islander corporation may be wound up voluntarily if the members of the corporation in general meeting so resolve by special resolution.
(2) An Aboriginal and Torres Strait Islander corporation cannot resolve that it be wound up voluntarily if:
(a) the corporation is under special administration under Part 11 - 2; or
(b) the Registrar:
(i) has given the corporation a notice under subsection 487 - 10(1); and
(ii) has not given the corporation a notice under subsection 487 - 10(5).
(3) Paragraph (2)(b) does not apply if the Registrar has consented in writing to the voluntary winding up of the corporation.
(4) A consent given by the Registrar under subsection (3) is not a legislative instrument
(5) Except with the leave of the Court, an Aboriginal and Torres Strait Islander corporation cannot resolve that it be wound up voluntarily if:
(a) an application has been made to the Court for the corporation to be wound up on the ground that it is insolvent; or
(b) the Court has ordered that the corporation be wound up on the ground that it is insolvent (whether or not the order was made on such an application).
(6) If an Aboriginal and Torres Strait Islander corporation passes a resolution for the voluntary winding up of the corporation, the corporation must, within 28 days after the passing of a resolution, lodge with the Registrar:
(a) a notice in the approved form of the passing of the resolution; and
(b) a copy of the resolution.
(7) Subsection (6) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
(8) The Registrar must, within 21 days after the lodging of a notice under subsection (6), publish in the Gazette a notice of the passing of the resolution to which the notice relates.