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Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)

Part III : Association of Collective Investment Schemes

35. Winding-up of association by court

 

(1) An order for the winding-up of an association may be granted by the court on the application of—
(a) the association or the executive committee of an association;
(b) one or more of its creditors;
(c) one or more of its members;
(d) jointly, any of or all the parties mentioned in paragraphs (a), (b) and (c);
(e) the business rescue practitioner of the association; or

[Subsection (1)(e) substituted by section 218(a) of Act No. 45 of 2013]

(f) the registrar.

 

(2)
(a) Subject to the provisions of subsection (1), the provisions of the Companies Act relating to the winding-up of companies by the court apply with the necessary changes to an association.
(b) In the application of the provisions of that Act the reference to the Commission in section 81 of the Companies Act must be construed as being a reference also to the registrar.

[Subsection 2 amended by section 218(b) of Act No. 45 of 2013]

 

(3) An order for the winding-up of an association by the court may only be made if the court is satisfied that a business rescue of the association is undesirable.

[Subsection 3 amended by section 218(b) of Act No. 45 of 2013]