Contents (2009 - 7)
Associations Incorporation Act 2009 No 7
75 Distribution of assets
(1) On the cancellation of its registration under this Division, an association’s assets are to be distributed in accordance with a special resolution of the association.(2) Any such distribution of assets:(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 those assets or any part of them.(3) Any asset that has been 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 delivered to such person or body as that department or authority may direct.(4) A person aggrieved by the operation of this section in relation to an association’s assets may apply to the Supreme Court for an order as to their disposal.(5) 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 assets.