South Australian Consolidated Acts South Australian Consolidated Acts46—Disposal of outstanding property
(1) Upon proof to the
satisfaction of the Commission that there is vested in it by force of
section 45 any estate or interest in property, whether solely or together
with any other person, of a beneficial nature and not merely held in trust,
the Commission may get in, sell or otherwise dispose of or deal with that
estate or interest, or any part of that estate or interest, as it sees fit.
(2) The power of
the Commission under subsection (1) to sell or otherwise dispose of or
deal with any such estate or interest may be exercised, either solely or
together with any other person, by public auction, public tender or private
contract and in such manner, for such consideration and upon such terms and
conditions as the Commission thinks fit, and includes power to rescind any
contract and resell or otherwise dispose of or deal with that property as
the Commission thinks expedient, and power to make, execute, sign and give
such contracts, instruments and documents as the Commission thinks necessary.
(3) There is payable
to the Commission in respect of the exercise of the powers conferred upon
the Commission by subsections (1) and (2), out of any income derived
from, or the proceeds of sale or other disposition of, the estate or interest
concerned, such commission as is prescribed.
(4) The Commission may
apply any moneys received by it in the exercise of any power conferred on it
by this section in defraying the costs and expenses of and incidental to the
exercise of that power and pay the remainder (if any) of the moneys to the
Treasurer.
(5) The Treasurer must
pay all moneys paid to him or her under this section into the Consolidated
Account.
(6) A person making a
claim in respect of any money paid to the Treasurer under subsection (4)
may apply to the Supreme Court for an order of payment of an amount to him or
her and the Court, if satisfied that an amount should be paid to him or her,
must make an order for the payment accordingly.
(7) On the making of
an order under subsection (6) for payment of an amount to a person or
where the Treasurer is otherwise of the opinion that an amount should be paid
to a person out of moneys paid to the Treasurer under this section, the
Treasurer must pay that amount to that person out of moneys lawfully available
for that purpose.