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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 601AE
What ASIC does with the property
(1) If property vested in ASIC under subsection 601AD(2) was held by the
company on trust, ASIC may:
- continue to act as trustee; or
- apply to a court for the appointment of a new trustee.
- Note: Under paragraph (a), ASIC may be able to transfer the property to a
new trustee chosen in accordance with the trust instrument.
(2) If the company did not hold the property on trust, ASIC may:
of or deal with the property as it sees fit; and
- apply any money it receives to:
- defray expenses incurred by ASIC in exercising its powers in relation to
the company under this Chapter; and
- make payments authorised by subsection (3).
ASIC must deal with the rest (if any) under Part 9.7.
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 ASIC. These liabilities include a liability that:
- is a charge or
claim on the property; and
- arises under a law that imposes rates, taxes or other charges.
(4) ASIC's obligation under subsection (3) is limited to satisfying the
liabilities out of the company's property to the extent that the property is
properly available to satisfy those liabilities.
(5) ASIC must
- a record of property that it knows is vested in it under this
- a record of its dealings with that property; and
- accounts of all money received from those dealings; and
- all accounts, vouchers, receipts and papers relating to the property and
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