New South Wales Consolidated Regulations

ROMAN CATHOLIC CHURCH COMMUNITIES' LANDS REGULATION 2022 - REG 9

9 Modification of Part 5.5--voluntary winding up

(1) The Corporations Act is modified by omitting section 493 and inserting instead--

493 Effect of voluntary winding up The company must, from the passing of the resolution that it be voluntarily wound up, cease to carry on its business except so far as, in the opinion of the liquidator, is required for the beneficial disposal or winding up of that business, provided there is no breach of the Roman Catholic Church Communities' Lands Act 1942 , section 20(3).

(2) The Corporations Act, section 496 is modified by omitting section 496(1) and inserting instead--

(1) Where the liquidator is at any time of the opinion that the body corporate will not be able to pay or provide for the payment of its debts in full within the period not exceeding 12 months after the commencement of the winding up, the liquidator must apply for the body corporate to be wound up as soon as practicable.

(3) The Corporations Act, section 501 is modified by--

(a) omitting "and, subject to that application, must, unless the company's constitution otherwise provides, be distributed among the members according to their rights and interests in the company", and

(b) inserting instead "and any surplus must be distributed in accordance with the Roman Catholic Church Communities' Lands Act 1942 , section 23".