(1) The Commissioner
may refuse to approve a distribution plan for the purposes of this Division if
the Commissioner is of the opinion that —
(a) the
distribution plan does not comply with section 133; or
(b) the
incorporated association should be wound up.
(2) The grounds on
which the Commissioner may form an opinion for the purposes of subsection
(1)(b) are —
(a)
because of any of the following matters, as determined by the Commissioner
—
(i)
the scale or nature of the activities of the incorporated
association; or
(ii)
the value or nature of the property of the incorporated
association; or
(iii)
the extent or nature of the dealings the incorporated
association has with the public;
or
(b)
because any prescribed circumstances exist.