CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 546.25 What the Registrar does with the property
CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 546.25
What the Registrar does with the property(1) If property vested in the Registrar under subsection 546 - 20(2) was held by the corporation on trust, the Registrar may:
(a) continue to act as trustee; or
(b) apply to a court for the appointment of a new trustee.
Note: Under paragraph (a), the Registrar may be able to transfer the property to a new trustee chosen in accordance with the trust instrument.
(2) If the corporation did not hold the property on trust, the Registrar may:
(a) dispose of or deal with the property as he or she sees fit; and
(b) apply any money he or she receives to:
(i) defray expenses incurred by the Registrar in exercising his or her powers in relation to the corporation under this Chapter; and
(ii) make payments authorised by subsection (3).
The Registrar must deal with the rest of the property (if any) under Part 12 - 3.
Obligations attaching to property
(3) The property remains subject to all liabilities imposed on the property under a law and does not have the benefit of any exemption that the property might otherwise have because it is vested in the Registrar. These liabilities include a liability that:
(a) is a charge or claim on the property; and
(b) arises under a law that imposes rates, taxes or other charges.
(4) The Registrar's obligation under subsection (3) is limited to satisfying the liabilities out of the corporation's property to the extent that the property is properly available to satisfy those liabilities.
(a) a record of property that he or she knows is vested in the Registrar under this Part; and
(b) a record of his or her dealings with that property; and
(c) accounts of all money received from those dealings; and
(d) all accounts, vouchers, receipts and papers relating to the
property and that money.