Incorporated Societies Act 1908

27 Division of surplus assets

(1)

On the liquidation of a society or on its dissolution by the Registrar, all surplus assets after the payment of all costs, debts, and liabilities shall, subject to any trust affecting the same, be disposed of in manner provided by the rules of the society or if such assets cannot be disposed of in accordance with the rules, then as the Registrar directs.

(2)

If the said surplus assets are subject to any trust, they shall be disposed of as the Supreme Court or a Judge thereof directs in the case where a liquidator was appointed by the court, or as the Registrar directs in a case where a liquidator was appointed by a resolution of the members or in the case of a dissolution by the Registrar, but an appeal shall lie from any such decision of the Registrar to the Supreme Court at the suit of any person interested. No appeal under this subsection or under subsection (1) from any decision of the Registrar shall lie unless notice thereof is delivered to the Registrar within 1 month after the date on which the decision was given.

(3)

Where any direction is given under the foregoing provisions of this section, there may (for the purposes of that direction) be included in that direction, or in a subsequent direction given by a Registrar or court or Judge who or which gave or had power to give the original direction, all or any of the following further directions:

(a)

a direction vesting all or any of the assets of the society without transfer, conveyance, or assignment in such person or persons as may be specified in the direction, subject to all charges, encumbrances, estates, and interests affecting the same:

(b)

if anything remains to be done to complete any matters outstanding on the liquidation or dissolution of the society or to provide for the payment of all costs, debts, and liabilities of and in relation to the society and its liquidation or dissolution, such directions as may be necessary or expedient to make provision for the completion and payment thereof:

(c)

a direction conferring on any person such powers as may be necessary or expedient to enable him or her to carry out the functions and duties imposed on him or her by any direction given under this section.

(4)

Every direction given under subsection (3) shall have effect according to its tenor as soon as the direction becomes final; and for the purposes of this subsection such a direction shall become final—

(a)

on the date specified therein if that date commences after the time determined under paragraph (b):

(b)

in any case where no date on which the direction is to become final is specified therein, or where the date for finality that is specified therein does not commence after the time specified in this paragraph—

(i)

when the direction under the said subsection (3) is given, if at that time no right of appeal without special leave is subsisting in respect of the direction providing for the distribution of the said surplus assets, and all appeals duly made against that direction have been determined; or

(ii)

upon the expiration of the time allowed for any appeal without special leave that may lie against the direction providing for the distribution of the said surplus assets, or upon the determination of all appeals against that direction that are duly made either within that time or while any other appeal against that direction is awaiting determination, whichever is later, if when the direction under the said subsection (3) is given a right of appeal without special leave is subsisting in respect of the direction providing for the distribution of the said surplus assets or any appeal duly made against that direction has not been determined.

(5)

Where by any direction under this section any estate or interest in land under the Land Transfer Act 2017 is vested in any person, then, subject to the provisions of that direction, the Registrar-General of Land, on application made to him or her by that person in such form as may be prescribed by the Governor-General by Order in Council and on the registration or deposit of such documents or plans as the Registrar-General of Land may require, shall make such entries in the register and generally do all such things as may be necessary to give full effect to the provisions of the direction.

(6)

Except as provided in the foregoing provisions of this section, no appeal shall lie against any direction of the Registrar given under this section.

(7)

This section shall bind the Crown.

Section 27 heading: replaced, on 1 July 1994, by section 4 of the Incorporated Societies Amendment Act 1993 (1993 No 114).

Section 27(1): amended, on 1 July 1994, by section 4(1) of the Incorporated Societies Amendment Act 1993 (1993 No 114).

Section 27(1): amended, on 17 October 1922, by section 4(2)(a) of the Incorporated Societies Amendment Act 1922 (1922 No 27).

Section 27(1): amended, on 17 October 1922, by section 4(2)(b) of the Incorporated Societies Amendment Act 1922 (1922 No 27).

Section 27(2): amended, on 1 July 1994, by section 4(2) of the Incorporated Societies Amendment Act 1993 (1993 No 114).

Section 27(2): amended, on 10 December 1976, by section 2(1) of the Incorporated Societies Amendment Act 1976 (1976 No 93).

Section 27(2): amended, on 5 November 1971, by section 5 of the Incorporated Societies Amendment Act 1971 (1971 No 43).

Section 27(2): amended, on 17 October 1922, by section 4(2)(c) of the Incorporated Societies Amendment Act 1922 (1922 No 27).

Section 27(3): inserted, on 10 December 1976, by section 2(2) of the Incorporated Societies Amendment Act 1976 (1976 No 93).

Section 27(3)(b): amended, on 1 July 1994, by section 4(3) of the Incorporated Societies Amendment Act 1993 (1993 No 114).

Section 27(4): inserted, on 10 December 1976, by section 2(2) of the Incorporated Societies Amendment Act 1976 (1976 No 93).

Section 27(5): inserted, on 10 December 1976, by section 2(2) of the Incorporated Societies Amendment Act 1976 (1976 No 93).

Section 27(5): amended, on 12 November 2018, by section 250 of the Land Transfer Act 2017 (2017 No 30).

Section 27(6): inserted, on 10 December 1976, by section 2(2) of the Incorporated Societies Amendment Act 1976 (1976 No 93).

Section 27(7): inserted, on 10 December 1976, by section 2(2) of the Incorporated Societies Amendment Act 1976 (1976 No 93).