Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 12 - TRANSFER OF REGISTRATION, DEREGISTRATION AND UNCLAIMED PROPERTY  

PART 12-2 - DEREGISTRATION  

Division 546 - Deregistration  

SECTION 546-25   WHAT THE REGISTRAR DOES WITH THE PROPERTY  

546-25(1)    
If property vested in the Registrar under subsection 546-20(2) was held by the corporation on trust, the Registrar may:

(a)    continue to act as trustee; or

(b)    apply to a court for the appointment of a new trustee.

Note:

Under paragraph (a) , the Registrar may be able to transfer the property to a new trustee chosen in accordance with the trust instrument.

546-25(2)    
If the corporation did not hold the property on trust, the Registrar may:

(a)    dispose of or deal with the property as he or she sees fit; and

(b)    apply any money he or she receives to:

(i) defray expenses incurred by the Registrar in exercising his or her powers in relation to the corporation under this Chapter; and

(ii) make payments authorised by subsection (3) .

The Registrar must deal with the rest of the property (if any) under Part 12-3 .

Obligations attaching to property

546-25(3)    
The property remains subject to all liabilities imposed on the property under a law and does not have the benefit of any exemption that the property might otherwise have because it is vested in the Registrar. These liabilities include a liability that:

(a)    is a charge or claim on the property; and

(b)    arises under a law that imposes rates, taxes or other charges.

546-25(4)    
The Registrar ' s obligation under subsection (3) is limited to satisfying the liabilities out of the corporation ' s property to the extent that the property is properly available to satisfy those liabilities.

Accounts

546-25(5)    
The Registrar must keep:

(a)    a record of property that he or she knows is vested in the Registrar under this Part; and

(b)    a record of his or her dealings with that property; and

(c)    accounts of all money received from those dealings; and

(d)    all accounts, vouchers, receipts and papers relating to the property and that money.