(1) An application may be made to the Registrar to cancel the incorporation of an incorporated association if the association—
(a) has gross assets of less than $10 000 or such other amount as is prescribed by regulation; and
(b) has no outstanding debts or liabilities; and
(c) has paid all fees and penalties applying to it under this Act; and
(d) is not a party to any legal proceedings.
(2) The application may only be made by—
(a) the association, if the association has passed a special resolution approving the making of the application; or
(b) if the association is not in operation—a member or former member of the association; or
(c) a statutory manager of the association appointed under section 116; or
(d) if the association is under voluntary administration—the administrator of the association.
(3) The application must be—
(a) in the approved form; and
(b) accompanied by the prescribed fee (if any).
(4) The application must include a declaration from the applicant—
(a) that all of the matters specified in subsection (1) exist in relation to the association; and
(b) that the applicant is qualified under subsection (2) to make the application; and
(c) in the case of an application by a member or former member of the association—that the association is not in operation; and
(d) setting out the reasons why the applicant has formed the view that the incorporation of the association should be cancelled.