INSURANCE ACT 1973 - SECT 92B Property vesting orders

INSURANCE ACT 1973 - SECT 92B

  (1)   If an individual is appointed as judicial trustee of a designated security trust fund, the Federal Court must make a written order vesting the property of the fund in the judicial trustee.

  (2)   If the appointment of the judicial trustee comes to an end (otherwise than because of the winding - up of the fund) the Federal Court must make an order vesting the property of the fund in:

  (a)   if there is to be a fresh judicial trustee--the fresh judicial trustee; or

  (b)   if the appointment comes to an end because the judicial trusteeship of the fund is cancelled--the person who, upon that cancellation, becomes the trustee of the fund.

  (3)   If an order is made by the Federal Court under this section vesting property of a fund in a person:

  (a)   if the property was vested in law in the trustee--the property immediately vests in law in the person named in the order by force of this Act; and

  (b)   if the property was vested in equity in the trustee--the property immediately vests in equity in the person named in the order by force of this Act.

  (4)   Paragraph   (3)(a) has effect subject to subsections   (5) and (6).

  (5)   If:

  (a)   the property is of a kind whose transfer or transmission may be registered under a law of the Commonwealth, of a State or of a Territory; and

  (b)   that law enables the registration of such an order;

the property does not vest in that person at law until the requirements of the law referred to in paragraph   (a) have been complied with.

  (6)   If:

  (a)   the property is of a kind whose transfer or transmission may be registered under a law of the Commonwealth, of a State or of a Territory; and

  (b)   that law enables the person named in the order to be registered as the owner of that property;

the property does not vest in that person at law until the requirements of the law referred to in paragraph   (a) have been complied with.