Contents (2009 - 7)
Associations Incorporation Act 2009 No 7
65 Distribution of surplus property
(1) In this section, a reference to the surplus property of an association is a reference to that property of the association remaining after satisfaction of the debts and liabilities of the association and the costs, charges and expenses of the winding up of the association.(2) In a winding up of an association, the surplus property of the association is to be distributed in accordance with a special resolution of the association.(3) Any such distribution of surplus property:(a) must be approved by the Secretary, and(b) is not to be made to or for the benefit of:(i) any member or former member of the association, orunless the member or former member is an association (whether incorporated or unincorporated) whose constitution, at the time of the distribution, prohibits the distribution of property to its members, and(ii) any person to be held on trust for any member or former member of the association,(c) is subject to any trust affecting that property or any part of it.(4) Surplus property or any part of it that consists of property supplied by a government department or public authority, including any unexpended portion of a grant, must be returned to the department or authority that supplied it or to a body nominated by the department or authority.(5) A person aggrieved by the operation of this section in relation to an association’s surplus property may apply to the Supreme Court for an order as to its disposal.(6) The Supreme Court may deal with such an application by making such orders as it thinks fit with respect to the disposal of the association’s surplus property.