Proceeds of Crime Act 2002

CHAPTER 2 - THE CONFISCATION SCHEME  

PART 2-3 - FORFEITURE ON CONVICTION OF A SERIOUS OFFENCE  

Division 3 - Recovery of forfeited property  

SECTION 106   Buying out other interests in forfeited property  

106(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.

106(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.