South Australian Consolidated Acts

CO-OPERATIVES ACT 1997 - SECT 310

310—Winding up on Commission's certificate

        (1)         A co-operative may be wound up on a certificate of the Commission only if the necessary grounds for the taking of that action exist, as referred to in section 331.

        (2)         A winding up on a certificate of the Commission commences when the certificate is given.

        (3)         On the giving of a certificate, the Commission may appoint a person to be the liquidator of the co-operative.

        (4)         The liquidator need not be a registered liquidator under the Corporations Act.

        (4a)         The appointment of a liquidator may be made on such conditions as the Commission thinks fit.

        (4b)         A liquidator who contravenes or fails to comply with a condition is guilty of an offence.

Maximum penalty: $5 000.

        (5)         The liquidator must within 10 days after appointment give notice of his or her appointment in the Gazette.

        (6)         The liquidator must give the security (if any) for the exercise of the liquidator's functions that the Commission directs.

        (6a)         The liquidator is entitled to receive the fees decided by the Commission.

        (7)         Any vacancy occurring in the office of liquidator is to be filled by a person appointed by the Commission.