Victorian Numbered Acts Victorian Numbered ActsAfter Division 3 of Part VIII of the Principal Act insert —
(1) In this section surplus assets , in relation to the winding up of an incorporated association, means those assets remaining after satisfaction of the debts and liabilities of the incorporated association and the costs, charges and expenses of the winding up.
(2) Subject to subsections (3) and (4), an incorporated association must not distribute any surplus assets available for distribution at the completion of the winding up of the incorporated association under this Part, to—
(a) any member or former member of the incorporated association; or
(b) to any person to be held on trust for any member or former member of the incorporated association.
(3) The surplus assets of an incorporated association that is in the process of winding up may be distributed to a member or former member if—
(a) the member or former member is a body corporate or an association (whether incorporated or not) and the Registrar is satisfied that—
(i) at the time of the distribution, the body corporate or association is prevented by its rules or otherwise from distributing the surplus assets to its members; and
(ii) the distribution is not contrary to this Act or the regulations; or
(b) the member or former member is a trustee who holds, or held, membership of the incorporated association on behalf of a trust and the Registrar is satisfied that—
(i) at the time of the distribution, the trustee is prevented by the terms of the trust or otherwise from distributing the surplus assets to the beneficiaries of the trust; and
(ii) the distribution is not contrary to this Act or the regulations.
(4) Despite subsections (2) and (3), an asset or part of an asset of the incorporated association that consists of property supplied by a government department, public authority or Council, including the unexpended portion of a grant, must be returned to the department, authority or Council that supplied it or to a body nominated by the department, authority or Council.
(5) Subject to this section and any court order, the surplus assets of an incorporated association are, on the winding up of the incorporated association, to be distributed in accordance with—
(a) the rules of the incorporated association; or
(b) if there are no valid rules of an incorporated association governing the distribution of any surplus assets, by a special resolution of the incorporated association.
(6) The Supreme Court may make an order relating to the distribution of the surplus assets of an incorporated association on a winding up on the application of—
(a) the Registrar; or
(b) a liquidator of the incorporated association; or
(c) a member of an incorporated association; or
(d) any person aggrieved by the operation of this Division in relation to the surplus assets of an incorporated association.
(7) The Supreme Court may make an order under subsection (6) permitting the distribution of surplus assets to its members.
(8) The Supreme Court, in making an order under subsection (6), must have regard to any relevant rules and the purposes of the incorporated association.
(9) This section applies subject to any trust affecting all or any of the assets of the incorporated association.".