(1) An incorporated
association may lodge with the Commissioner an application in the approved
form to have the incorporation of the association cancelled under this
Division.
(2) An application
cannot be made under subsection (1) by an incorporated association unless
—
(a) the
management committee of the association has examined the affairs of the
association and by resolution declared that in its opinion the debts and
liabilities of the association have been satisfied and there is no surplus
property to be distributed; and
(b) the
making of the application has been approved by a special resolution of the
incorporated association.