sec.87Definitions for pt 6

sec.87 Definitions for pt 6

In this part— abandoned property means property that an airport operator reasonably believes has been abandoned on the airport operator’s airport land including, for example, goods, an aircraft, a vehicle or a thing attached to, or contained in, an aircraft or a vehicle. insufficient value property means abandoned property that— is of no value; or if sold by an airport operator, would not be likely to return sufficient proceeds of sale to cover the total of the following amounts— the expenses reasonably incurred by the airport operator in selling the property; the expenses reasonably incurred by the airport operator in dealing with the property under this part; the charges, interest and other expenses owing to the airport operator in relation to the property.

• (a) is of no value; or
• (b) if sold by an airport operator, would not be likely to return sufficient proceeds of sale to cover the total of the following amounts— (i) the expenses reasonably incurred by the airport operator in selling the property; (ii) the expenses reasonably incurred by the airport operator in dealing with the property under this part; (iii) the charges, interest and other expenses owing to the airport operator in relation to the property.
• (i) the expenses reasonably incurred by the airport operator in selling the property;
• (ii) the expenses reasonably incurred by the airport operator in dealing with the property under this part;
• (iii) the charges, interest and other expenses owing to the airport operator in relation to the property.
• (i) the expenses reasonably incurred by the airport operator in selling the property;
• (ii) the expenses reasonably incurred by the airport operator in dealing with the property under this part;
• (iii) the charges, interest and other expenses owing to the airport operator in relation to the property.