Commonwealth Consolidated Acts Commonwealth Consolidated ActsAboriginal and Torres Strait Islander corporation ceases to exist
(1) An Aboriginal and Torres Strait Islander corporation ceases to exist on deregistration.
Note: Despite the deregistration, officers of the corporation may still be liable for things done before the corporation was deregistered.
Corporation's property vests in Registrar
(2) On deregistration, all the corporation's property vests in the Registrar. If corporation property is vested in a liquidator immediately before deregistration, that property vests in the Registrar. This subsection extends to property situated outside Australia.
(3) Under subsection (2), the Registrar takes only the same property rights that the corporation itself held. If the corporation held particular property subject to a security or other interest or claim, the Registrar takes the property subject to that interest or claim.
Note: See also subsection 546 - 25(3), which deals with liabilities that a law imposes on the property (particularly liabilities such as rates, taxes and other charges).
(4) The Registrar has all the powers of an owner over property vested in the Registrar under subsection (2).
Note: Section 546 - 30 confers additional powers on the Registrar to fulfil outstanding obligations of the deregistered corporation.
Corporation's books to be kept by former directors
(5) A person commits an offence if:
(a) an Aboriginal and Torres Strait Islander corporation is deregistered; and
(b) the person is a director of the corporation immediately before deregistration; and
(c) the person does not keep the corporation's books for 3 years after the deregistration.
(6) Subsection (5) does not apply to books that a liquidator has to keep under section 70 - 35 of Schedule 2 to the Corporations Act (as applied by section 526 - 35 of this Act).
Note: A defendant bears an evidential burden in relation to the matter in subsection (6) (see subsection 13.3(3) of the Criminal Code ).
Strict liability offences
(7) An offence based on subsection (5) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .