Western Australian Current Acts

GOLD CORPORATION ACT 1987 - SECT 67

67 .         Title to gold etc.

        (1)         Where gold is purchased in good faith by Gold Corporation, the Mint or GoldCorp —

            (a)         the property thereupon vests in Gold Corporation, the Mint, or GoldCorp, as the case may require, absolutely, free from any mortgage, charge, lien, trust or other interest in or affecting the property and notwithstanding any actual or implied notice relating to the property;

            (b)         Gold Corporation, the Mint or GoldCorp, as the case may require, is authorised to pay the person delivering the property for the property on behalf of all persons having any interest in the property and payment to such a person shall be taken to have been made accordingly;

            (c)         upon that payment being made, Gold Corporation, the Mint or GoldCorp, as the case may require, shall not be under any liability to a person other than the payee in respect of an interest which that other person claims in the property; and

            (d)         Gold Corporation, the Mint or GoldCorp shall not be bound or concerned to inquire into any matter affecting or relating to the title to the property offered by the vendor or to the proceeds of the sale.

        (2)         For the purposes of the Personal Property Securities Act 2009 (Commonwealth) section 259, gold that is collateral purchased by Gold Corporation, the Mint or GoldCorp under subsection (1), but not the proceeds from the sale of gold to Gold Corporation, the Mint, or GoldCorp, is declared to be an excluded matter in relation to section 32 of that Act.

        [Section 67 amended: No. 10 of 1990 s. 6; No. 42 of 2011 s. 93.]