s. 125 Division 1—Winding up 125 Voluntary winding up An incorporated association may be wound up voluntarily if the association by special resolution resolves that it be wound up voluntarily. Note Under sections 149 and 151, the voluntary winding up of an incorporated association is declared to be an applied Corporations legislation matter in relation to, respectively, the provisions of Part 5.5 (Voluntary winding up) and Part 5.6 (Winding up generally) of the Corporations Act. As such, the voluntary winding up of an incorporated association is subject to any requirements under those provisions. 126 Winding up by the court (1) The Supreme Court may order the winding up of an incorporated association if— (a) the association has by special resolution resolved that it be wound up by the court; or (b) the association suspends its operations for a whole year; or (c) the association is unable to pay its debts; or (d) the association has secured pecuniary profit for its members; or (e) the association has, as trustee, secured pecuniary profit for its members; or Note For circumstances under which, for the purposes of this Act, an incorporated association is taken not to have secured pecuniary profit for its members, see section 4. (f) the association has engaged in activities outside the scope of its purposes; or
Division 1—Winding up 125 Voluntary winding up s. 125 An incorporated association may be wound up voluntarily if the association by special resolution resolves that it be wound up voluntarily. Note Under sections 149 and 151, the voluntary winding up of an incorporated association is declared to be an applied Corporations legislation matter in relation to, respectively, the provisions of Part 5.5 (Voluntary winding up) and Part 5.6 (Winding up generally) of the Corporations Act. As such, the voluntary winding up of an incorporated association is subject to any requirements under those provisions. 126 Winding up by the court (1) The Supreme Court may order the winding up of an incorporated association if— (a) the association has by special resolution resolved that it be wound up by the court; or (b) the association suspends its operations for a whole year; or (c) the association is unable to pay its debts; or (d) the association has secured pecuniary profit for its members; or (e) the association has, as trustee, secured pecuniary profit for its members; or Note For circumstances under which, for the purposes of this Act, an incorporated association is taken not to have secured pecuniary profit for its members, see section 4. (f) the association has engaged in activities outside the scope of its purposes; or