Winding up, insolvency and dissolution
Regulations about winding up, insolvency and dissolution
119.—(1) The Department may by regulations make provision about—
(a)the winding up of CIOs,
(b)their insolvency,
(c)their dissolution, and
(d)their revival and restoration to the register following dissolution.
(2) The regulations may, in particular, make provision—
(a)about the transfer on the dissolution of a CIO of its property and rights (including property and rights held on trust for the CIO) to the official custodian or another person or body,
(b)requiring any person in whose name any stocks, funds or securities are standing in trust for a CIO to transfer them into the name of the official custodian or another person or body,
(c)about the disclaiming, by the official custodian or other transferee of a CIO’s property, of title to any of that property,
(d)about the application of a CIO’s property cy-près,
(e)about circumstances in which charity trustees may be personally liable for contributions to the assets of a CIO or for its debts,
(f)about the reversal on a CIO’s revival of anything done on its dissolution.
(3) The regulations may—
(a)apply any statutory provision which would not otherwise apply, either without modification or with modifications specified in the regulations,
(b)disapply, or modify (in ways specified in the regulations) the application of, any statutory provision which would otherwise apply.
(4) No regulations shall be made under this section unless a draft of the regulations has been laid before and approved by resolution of the Assembly.