Crimes Legislation Amendment (Economic Disruption) Act 2021 (3 of 2021)

Schedule 7   Official Trustee

Part 1   General amendments

Division 1   Amendments

Proceeds of Crime Act 2002

19   Section 106

Repeal the section, substitute:

106 Buying out other interests in forfeited property

(1) If:

(a) property is forfeited to the Commonwealth under section 92; and

(b) an interest in the property is required to be transferred to a person (the relevant person ) under section 105, or under a direction under subparagraph 102(d)(i); and

(c) the relevant person's interest in the property, immediately before the forfeiture took place, was not the only interest in the property; and

(d) the relevant person gives written notice to each other person who had an interest in the property immediately before the forfeiture took place that:

(i) the relevant person intends to purchase that other interest from the Commonwealth; and

(ii) the person served with the notice may, within 21 days after receiving the notice, lodge a written objection to the purchase of that other interest with the Minister and the *Official Trustee; and

(e) no person served with the notice under paragraph (d) in relation to that other interest lodges a written objection to the purchase of that other interest with the Minister and the Official Trustee within the period referred to in that paragraph; and

(f) the relevant person pays to the Commonwealth, while that other interest is still vested in the Commonwealth, an amount equal to the value of that other interest;

the Official Trustee must arrange for that other interest to be transferred to the relevant person.

(2) If a person served with notice under paragraph (1)(d) in relation to the other interest mentioned in that paragraph lodges a written objection to the purchase of that other interest with the Minister and the *Official Trustee within the period referred to in that paragraph:

(a) the Minister; or

(b) a *senior Departmental officer authorised by the Minister for the purposes of this subsection;

may direct the Official Trustee to transfer that other interest to the person.