INSURANCE ACT 1973 - SECT 92 Appointment of judicial trustee
INSURANCE ACT 1973 - SECT 92
Appointment of judicial trustee(1) If the Federal Court orders the judicial trusteeship of a designated security trust fund, the court must, by its order:
(a) if there is already a trustee of the fund--remove the trustee of the fund; and
(b) appoint an individual as the trustee of the fund while the fund remains under judicial trusteeship.
The appointee is called the judicial trustee .
(2) The Court may at any time cancel the appointment of a judicial trustee and appoint another individual as judicial trustee.
(3) This Act does not prevent the Federal Court from appointing the same individual to be the judicial trustee of 2 or more security trust funds.
(4) Only an individual who is a registered liquidator (within
the meaning of the Corporations Act 2001 ) may be appointed as a
judicial trustee.