New South Wales Consolidated Acts

BRITISH HOME SUPPLIES PTY., LIMITED (INVESTIGATION) ACT 1942 - SECT 5

5 Restriction of payments to mortgagee

(1) The receiver and manager shall not pay, directly or indirectly, to the mortgagee or to any person at the direction of the mortgagee, any moneys which are within the control of the receiver and manager (whether or not such moneys are the proceeds of the realisation of the assets of the company) except with the consent in writing of the Public Trustee.

(2) This section shall be deemed to have commenced on the twentieth day of October, one thousand nine hundred and forty-two.

(3) The mortgagee shall repay to the receiver and manager any moneys paid in contravention of this section on or after the twentieth day of October, one thousand nine hundred and forty-two, and before the third day of November, one thousand nine hundred and forty-two. In default of such repayment such moneys may be recovered by the Public Trustee, as inspector under this Act, as a debt in any court of competent jurisdiction.

(4) If the receiver and manager makes any payment in contravention of subsection one of this section on or after the third day of November, one thousand nine hundred and forty-two, he shall be guilty of an offence and shall be liable to a penalty not exceeding two hundred pounds or to imprisonment for a period not exceeding 12 months, and any moneys so paid in contravention of this section may be recovered by the Public Trustee, as inspector under this Act, as a debt in any court of competent jurisdiction.

(5) Any moneys recovered by the Public Trustee under this section shall be disposed of in such manner as the Governor may direct.