Retirement Savings Accounts Act 1997

PART 14 - PROCEEDINGS  

SECTION 171   VESTING OF PROPERTY  

171(1)   [Property immediately vested in law and equity]  

If an order is made by a court under this Act vesting property in a person:

(a) subject to subsections (2) and (3), the property immediately vests in law and in equity in the person named in the order by force of this Act; and

(b) if the order is made by a court - the person who applied for the order must, within 7 days after the entering of the order, lodge an office copy of the order with such person (if any) as is specified in the order.

171(2)   [Registration of vesting order]  

If:

(a) the property is of a kind whose transfer or transmission may be registered under a law of the Commonwealth, of a State or of a Territory; and

(b) that law enables the registration of such an order;

the property does not vest in that person at law until the requirements of the law referred to in paragraph (a) have been complied with.

171(3)   [Registration of person named in order]  

If:

(a) the property is of a kind whose transfer or transmission may be registered under a law of the Commonwealth, of a State or of a Territory; and

(b) that law enables the person named in the order to be registered as the owner of that property;

the property does not vest in that person at law until the requirements of the law referred to in paragraph (b) have been complied with.