95Property vested in registrar-general

95 Property vested in registrar-general (1) If the registrar-general is satisfied that under section 92 (1) or 94 any property or interest in property of a former association is vested in the registrar-general, whether solely or with any other person, the registrar-general may, subject to any trust affecting the property or interest, get in, sell or otherwise dispose of or deal with the property or interest or any part of the property or interest as the registrar- general thinks fit. (2) The power of the registrar-general to sell or otherwise dispose of or deal with property or an interest in property— (a) may be exercised solely or with any other person, by public auction, public tender or private contract, and in the manner, for the consideration and on the terms and conditions the registrar- general thinks fit; and (b) includes the power— (i) to rescind any contract and resell or otherwise dispose of or deal with the property or interest as the registrar-general thinks fit; and (ii) to execute any contracts, instruments and documents that the registrar-general thinks necessary. (3) There is payable to the Territory, for the exercise of the registrar-general’s powers under subsections (1) and (2), out of any income derived from, or the proceeds of sale of, disposition of or other dealing with, any property or interest in property, the commission (if any) prescribed. (4) The registrar-general must apply any moneys received in the exercise of a power given by this section in defraying the costs and expenses of and incidental to the exercise of the power and in making payments authorised by this section, and must pay the remainder (if any) of the moneys to the Territory. (5) A person making a claim in relation to any money paid to the Territory under subsection (4) may apply to the Supreme Court for an order for payment of an amount to the person and, if the court is satisfied that an amount should be paid to the person, it must make an order for the payment accordingly. (6) On the making of an order under subsection (5) for payment of an amount to a person or on the registrar-general notifying the Minister that the registrar-general is satisfied that an amount should be paid to a person out of money paid to the Territory under subsection (4), an amount equal to the amount stated in the order or the notification, is payable by the Territory to the person. (7) Nothing in this section is taken to deprive a person of another right or remedy to which the person is entitled against a liquidator of an incorporated association or another person.