Proceeds of Crime Act 2002
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
(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;
(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
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.
Hide history note
View history noteS 106 substituted by No 3 of 2021, s 3 and Sch 7 item 19, effective 17 February 2021. S 106 formerly read:
SECTION 106 Buying out other interests in forfeited property
106
The Minister must arrange for an
*
interest in property to be transferred to a person (the
purchaser
) if:
(a)
the property is forfeited to the Commonwealth under section 92; and
(b)
the interest is required to be transferred to the purchaser under section 105, or under a direction under subparagraph 102(d)(i); and
(c)
the purchaser
'
s interest in the property, immediately before the forfeiture took place, was not the only interest in the property; and
(d)
the purchaser gives written notice to each other person who had an interest in the property immediately before the forfeiture took place that:
(i)
the purchaser 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 interest with the Minister; and
(e)
no person served with the notice under paragraph (d) in relation to that interest lodges a written objection to the purchase of that interest with the Minister within the period referred to in that paragraph; and
(f)
the purchaser pays to the Commonwealth, while that interest is still vested in the Commonwealth, an amount equal to the value of that interest.
S 106 amended by No 4 of 2010, s 3 and Sch 1 item 64, by substituting " subparagraph 102(d)(i) " for " subparagraph 102(1)(d)(i) " in para (b), applicable in relation to property covered by restraining orders made on or after 20 February 2010, whether the conduct constituting the offence concerned occurred or occurs before, on or after that commencement.
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