Commonwealth Numbered Acts
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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 878
Power of Court to make order relating to payment of
(1) An order made under section 877 may include directions to
the person to whom the money is paid directing that the person:
- must pay
the money into a separate trust account; or
- is authorised to prepare a scheme for distributing the money to persons
who claim, within 6 months after the person receives the money, to be entitled
to the money and satisfy the person that they are so entitled; or
- where the money received is insufficient to pay all proved claims, may,
notwithstanding any rule of law or equity to the contrary, apportion the money
among the claimants in proportion to their proved claims and show in the
scheme how the money is so apportioned.
(2) Where a person prepares a scheme for a distribution of money under
subsection (1), the person must apply to the Court for approval of the
scheme and for directions in respect of it.
(3) The Court may give such directions as to the money held in a separate
trust account under subsection (1), as to the persons to whom and in what
amounts the whole or any portion of that money must be paid, and as to the
payment of the balance of the money (if any) remaining in the account, as the
Court thinks fit.
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