(1) This section
applies to an incorporated association that has surplus property to be
distributed on winding up.
(2) An incorporated
association may be wound up voluntarily if the association so resolves by
special resolution.
(3) The voluntary
winding up of an incorporated association is declared to be an applied
Corporations legislation matter in relation to the Corporations Act Parts 5.5
and 5.6 subject to the following modifications —
(a) the
modifications to the text of that Act set out in Schedule 3;
(b) such
other modifications (within the meaning of the Corporations (Ancillary
Provisions) Act 2001 Part 3) as may be prescribed by the regulations.