Business Trusts Act 2004 · 2020 Revised Edition · Part 7 · Winding Up of Registered Business Trust
45. Winding up at direction of unitholders
Feedback & supportDespite any provision in the trust deed of a registered business trust, the trustee‑manager of the registered business trust must wind up the registered business trust upon the passing of a special resolution by the unitholders of the registered business trust at a general meeting convened in accordance with Division 1 of Part 9 directing the trustee‑manager to wind up the registered business trust.
deed
“deed” means any deed which creates a trust or provides for the governance of the affairs of the trust and the conduct of its business and includes any instrument amending or affecting the deed;
Any trustee‑manager of a registered business trust which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
trustee‑manager
“trustee‑manager”, in relation to a registered business trust, includes a replacement trustee‑manager and temporary trustee‑manager;