Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 568F

Court may dispose of disclaimed property

(1) The Court may order that disclaimed property vest in, or be delivered to:

a person entitled to the property; or

a person in or to whom it seems to the Court appropriate that the property be vested or delivered; or

a person as trustee for a person of a kind referred to in paragraph (a) or (b).

(2) The Court may make an order under subsection (1):

on the application of a person who claims an interest in the property, or is under a liability in respect of the property that this Act has not discharged; and

after hearing such persons as it thinks appropriate.

(3) Subject to subsection (4), where an order is made under subsection (1) vesting property, the property vests immediately, for the purposes of the order, without any conveyance, transfer or assignment. (4) Where:

a law of the Commonwealth or of a State or Territory requires the transfer of property vested by an order under subsection (1) to be registered; and

that law enables the order to be registered;

the property vests in equity because of the order but does not vest at law until that law has been complied with.

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