(b) any person to be held on trust for any member or former member of the association. Penalty: 20 penalty units. (5) The surplus assets of the association may be distributed to a member or former member if— (a) the member or former member is a body corporate or an association (whether incorporated or not) and the Registrar is satisfied that— (i) at the time of the distribution, the body corporate or association referred to in paragraph (a) is prevented by its rules or otherwise from distributing the surplus assets to its members; and (ii) the distribution is not contrary to this Act or the regulations; or (b) the member or former member is a trustee who holds, or held, membership of the association on behalf of a trust and the Registrar is satisfied that— (i) at the time of the distribution, the trustee is prevented by the terms of the trust or otherwise from distributing the surplus assets to the beneficiaries of the trust; and (ii) the distribution is not contrary to this Act or the regulations. (6) This section applies subject to any trust affecting all or any of the assets of the association. 133 Court order relating to distribution of surplus assets (1) The Supreme Court may make an order relating to the distribution of the surplus assets of an
(b) any person to be held on trust for any member or former member of the association. Penalty: 20 penalty units. (5) The surplus assets of the association may be distributed to a member or former member if— (a) the member or former member is a body corporate or an association (whether incorporated or not) and the Registrar is satisfied that— (i) at the time of the distribution, the body corporate or association referred to in paragraph (a) is prevented by its rules or otherwise from distributing the surplus assets to its members; and (ii) the distribution is not contrary to this Act or the regulations; or (b) the member or former member is a trustee who holds, or held, membership of the association on behalf of a trust and the Registrar is satisfied that— (i) at the time of the distribution, the trustee is prevented by the terms of the trust or otherwise from distributing the surplus assets to the beneficiaries of the trust; and (ii) the distribution is not contrary to this Act or the regulations. (6) This section applies subject to any trust affecting all or any of the assets of the association. 133 Court order relating to distribution of surplus assets (1) The Supreme Court may make an order relating to the distribution of the surplus assets of an