Corporations (Aboriginal and Torres Strait Islander) Act 2006
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.
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