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CORPORATIONS ACT 2001

CHAPTER 5B - BODIES CORPORATE REGISTERED AS COMPANIES, AND REGISTRABLE BODIES  

PART 5B.2 - REGISTRABLE BODIES  

Division 1 - Registrable Australian bodies  

SECTION 601CC  CESSATION OF BUSINESS ETC.  

601CC(1)  [Notice of cessation of business]  


Within 7 days after ceasing to carry on business interstate, a registered Australian body must lodge written notice that it has so ceased.

601CC(1A)  [``carries on business interstate'']  


For the purposes of this section, a body carries on business interstate if, and only if, the body carries on business at a place that is in this jurisdiction and outside the body's place of origin.

601CC(2)  [Letter to company]  


Where ASIC has reasonable cause to believe that a registered Australian body does not carry on business interstate, ASIC may send to the body in the prescribed manner a letter to that effect and stating that, if no answer showing cause to the contrary is received within one month from the date of the letter, a notice will be published in the Gazette with a view to striking the body's name off the register.

601CC(3)  [Notice that name will be struck off]  


Unless ASIC receives, within one month after the date of the letter, an answer to the effect that the body is still carrying on business interstate, it may publish in the Gazette, and send to the body in the prescribed manner, a notice that, at the end of 3 months after the date of the notice, the body's name will, unless cause to the contrary is shown, be struck off the register.

601CC(4)  [Striking off]  


At the end of the period specified in a notice sent under subsection (3), ASIC may, unless cause to the contrary has been shown, strike the body's name off the register and must publish in the Gazette notice of the striking off.

601CC(5)  [Power to wind up body]  


Nothing in subsection (4) affects the power of the Court to wind up a body whose name has been struck off the register.

601CC(6)  [Effect of striking off]  


Where a body's name is struck off the register under subsection (4), the body ceases to be registered under this Division.

601CC(7)  [Restoration of name]  


If ASIC is satisfied that a body's name was struck off the register as a result of an error on ASIC's part, ASIC may restore the body's name to the register, and thereupon the body's name is taken never to have been struck off and the body is taken never to have ceased to be registered under this Division.

601CC(8)  [Application for restoration]  


A person who is aggrieved by a body's name having been struck off the register may, within 15 years after the striking off, apply to the Court for the body's name to be restored to the register.

601CC(9)  [Possible orders]  


If, on an application under subsection (8), the Court is satisfied that:


(a) at the time of the striking off, the body was carrying on business interstate; or


(b) it is otherwise just for the body's name to be restored to the register;

the Court may, by order:


(c) direct the body's name to be restored to the register; and


(d) give such directions, and make such provisions, as it thinks just for placing the body and all other persons in the same position, as nearly as practicable, as if the body's name had never been struck off.

601CC(10)  [Effect of lodging copy of order]  


On the lodging of an office copy of an order under subsection (9), the body's name is taken never to have been struck off.

601CC(11)  [Publication of notice of restoration]  


Where a body's name is restored to the register under subsection (7) or (9), ASIC must cause notice of that fact to be published in the Gazette.

601CC(12)  [Continuation of obligation to lodge documents]  


Where a body ceases to be registered under this Division, an obligation to lodge a document that this Act imposes on the body by virtue of the doing of an act or thing, or the occurrence of an event, at or before the time when the body so ceased, being an obligation not discharged at or before that time, continues to apply in relation to the body even if the period prescribed for lodging the document has not ended at or before that time.

601CC(13)  [Appointment of liquidator]  


Where a registered Australian body commences to be wound up, or is dissolved or deregistered, in its place of origin, the Court must, on application by the person who is the liquidator for the body's place of origin, or by ASIC, appoint a liquidator of the body.

601CC(14)  [Duties of liquidator]  


A liquidator of a registered Australian body who is appointed by the Court:


(a) must, before any distribution of the body's property is made, by advertisement in a daily newspaper circulating generally in each State or Territory where the body carried on business at any time during the 6 years before the liquidation, invite all creditors to make their claims against the body within a reasonable time before the distribution; and


(b) must not, without obtaining an order of the Court, pay out a creditor of the body to the exclusion of another creditor of the body; and


(c) must, unless the Court otherwise orders, recover and realise the property of the body that is located:


(i) in this jurisdiction; and

(ii) outside the body's place of origin;
and must pay the net amount so recovered and realised to the liquidator of the body for its place of origin.

601CC(15)  [Application for directions]  


If a registered Australian body has been wound up so far as its property located:


(a) in this jurisdiction; and


(b) outside its place of origin;

is concerned and there is no liquidator for its place of origin, the liquidator may apply to the Court for directions about the disposal of the net amount recovered under subsection (14).

 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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