BELL GROUP COMPANIES (FINALISATION OF MATTERS AND DISTRIBUTION OF PROCEEDS) ACT 2015 - SECT 22
BELL GROUP COMPANIES (FINALISATION OF MATTERS AND DISTRIBUTION OF PROCEEDS) ACT 2015 - SECT 22
22 . Transfer of property
(1) At the beginning
of the transfer day the following are transferred to, and vested in, the
Authority by force of this section —
(a) all
property vested in a WA Bell Company, including property held by it on trust
for any person;
(b) all
property held by any person (including a liquidator of a WA Bell Company) on
behalf of or on trust for a WA Bell Company;
(c) all
property held (in any capacity) by a person who is a liquidator of a WA Bell
Company on trust for any person, other than property held in a capacity that
does not relate to the liquidation of a WA Bell Company.
(2) Property received
by a WA Bell Company or another person, on or after the transfer day, that
would have been transferred to, and vested in, the Authority by subsection (1)
were it vested or held by the company or person as described in subsection (1)
before the transfer day, is transferred to, and vested in, the Authority by
force of this section, at the time at which it is received.
(3) In relation to a
reinstated WA Bell Company, property revested in the company as a consequence
of its reinstatement is taken to have been received by the company for the
purposes of subsection (2).
(4) Subsection (1) or
(2), whichever is relevant, does not apply to a share in a company that was a
subsidiary of TBGL —
(a)
immediately before the transfer day; or
(b) if
the company was deregistered before the transfer day — immediately
before the time at which the company was deregistered.
(5) A share to which
subsection (1) or (2) would have applied but for subsection (4), is
transferred to, and vested in, the Authority by force of this section
immediately before the earlier of —
(a) the
day specified by the Authority, by instrument published in the Gazette , for
the purposes of this paragraph; and
(b) the
day on which the WA Bell Company is dissolved under section 30.
(6) To the extent to
which a right to make a taxation objection, or a right or capacity to seek the
review of, or to appeal against, a decision of the Commissioner in relation to
a taxation objection, is property of a WA Bell Company, subsection (1) or (2),
whichever is relevant, does not apply to the right or capacity.
(7) Words and
expressions used in subsection (6) and also in the
Taxation Administration Act 1953 (Commonwealth) Part IVC have the same
meanings in that subsection as they have in that Part.
(8) This section
applies to property whether situated in or outside the State.
(9) A transfer takes
effect despite any restriction arising under contract, written law, the common
law or in any other way.
(10) All property
transferred to the Authority under this section vests absolutely in the
Authority freed from any encumbrance, trust, equity or interest (of any kind
and however arising) to which it was subject immediately before so vesting.
(11) The Authority has
all the powers of an owner over property vested in it under this section.
(12) A certificate
signed by the Administrator certifying that property specified in the
certificate has vested in the Authority under this section is conclusive
evidence that the property so vested on the day specified in the certificate.
(13) The Administrator
may allow a person whom the Administrator is satisfied has a proper interest
in a certificate under subsection (12) to have access to it.
(14) If it appears to
the Administrator that it is likely that a certificate will be required to be
given to a relevant official under section 31, the Administrator must consult
with that official (or each relevant official if there is more than one) as to
its form and content.
(15) The Administrator
may correct any error in a certificate under subsection (12) and, for that
purpose, may issue a replacement certificate.