Western Australian Numbered Acts

DUTIES ACT 2008 (NO. 11 OF 2008) - SECT 7

7 .         The term “wound up”

        (1)         A reference to being wound up is —

            (a)         in the case of a corporation — to it being wound up in accordance with its constitution (so far as it has a constitution that deals with its winding up) and in accordance with any law for the time being applicable; and

            (b)         in the case of a unit trust scheme — to it being terminated in accordance with the provisions of the trust deed or any other document constituting the scheme and in accordance with any law for the time being applicable.

        (2)         A winding up begins —

            (a)         in the case of a corporation — when the winding up is taken to begin under the Corporations Act; and

            (b)         in the case of a unit trust scheme —

                  (i)         when any circumstance or event occurs, or any time arrives, that, because of the trust deed or other document constituting the scheme, requires the scheme to be wound up; or

                  (ii)         when the holders of units issued under the scheme pass a resolution directing the trustee to wind up the scheme; or

                  (iii)         when the trustee decides to wind up the scheme; or

                  (iv)         when a court orders that the scheme be wound up,

                whichever happens first.