Section 82

Where a management corporation resolves that the strata subdivision of a building be terminated, it shall forthwith in general meeting appoint one or more liquidators for the purpose of winding up the affairs and distributing the assets of the management corporation and may fix the remuneration to be paid to him or them.

Where a liquidator has not been appointed for a management corporation under this section, the court may, on the application of a former subsidiary proprietor, a former mortgagee or a creditor of the management corporation, appoint a liquidator for the management corporation.

On the appointment of a liquidator all the powers of the council of the management corporation shall cease and the liquidator shall have the power to carry on the management corporation’s business for the purpose of winding up its affairs.

The management corporation may in general meeting convened by any former subsidiary proprietor by special resolution of which special notice has been given to all the former subsidiary proprietors, former mortgagees, the creditors and the liquidators, remove any liquidator but no such resolution shall be effective to remove a liquidator if the court on the application of the liquidator or a creditor or a former mortgagee has ordered that the liquidator be not removed.

If a vacancy occurs by death, resignation, removal or otherwise in the office of a liquidator the management corporation in general meeting shall forthwith fill the vacancy by the appointment of a liquidator and fix the remuneration to be paid to him, and for that purpose a general meeting may be convened by any former subsidiary proprietor, or if there were more liquidators than one by the continuing liquidators.

The meeting shall be held in the manner provided by this Act or in such manner as is on application by any former subsidiary proprietor or by the continuing liquidators determined by the court.

The court may, on the application of a former subsidiary proprietor, a former mortgagee or the liquidator and on being satisfied that the affairs of the management corporation have been wound up, make an order that the liquidator be released and that the management corporation be dissolved and on the expiry of 3 months of the lodging of such order with the Registrar and the Commissioner, the management corporation shall be dissolved.

Notwithstanding subsection (7), the court may, on the application of the liquidator or of any other person who appears to the court to be interested, make an order deferring the date at which the dissolution of the management corporation is to take effect for such time as the court thinks fit.

The person on whose application an order of the court under this section is made shall, within 21 days after the making of the order, lodge with the Registrar and with the Commissioner an office copy of the order, and if he fails to do so he shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.