Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 488

Delegation to liquidator of certain powers of Court

(1) Provision may be made by rules or regulations for enabling or requiring all or any of the powers and duties conferred and imposed on the Court by this Part in respect of:

the holding and conducting of meetings to ascertain the wishes of creditors and contributories; and

the paying, delivery, conveyance, surrender or transfer of money, property or books to the liquidator; and

the adjusting of the rights of contributories among themselves and the distribution of any surplus among the persons entitled to it; and

the fixing of a time within which debts and claims must be proved;

to be exercised or performed by the liquidator as an officer of the Court and subject to the control of the Court.

(2) Despite anything in rules or regulations made for the purposes of subsection (1), a liquidator may distribute a surplus only with the Court's special leave.

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