Proceeds of Crime Act 2002

CHAPTER 2 - THE CONFISCATION SCHEME

PART 2-2 - FORFEITURE ORDERS

Division 7 - Miscellaneous

SECTION 90 Buying out other interests in forfeited property

90(1)
If:

(a) property is forfeited to the Commonwealth under this Part; and

(b) an interest in the property is required to be transferred to a person (the relevant person ) under subsection 88(1) or 89(1) , or under a direction under paragraph 73(2)(c) ; 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 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.

90(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.

View history note

History

S 90 substituted by No 3 of 2021, s 3 and Sch 7 item 13, effective 17 February 2021. S 90 formerly read:

SECTION 90 Buying out other interests in forfeited property
90
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 this Part; and

(b) the interest is required to be transferred to the purchaser under subsection 88(1) or 89(1), or under a direction under paragraph 73(2)(c); 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 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.

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