sec.28Consolidated fund order

sec.28 Consolidated fund order

This section applies in relation to money in court or securities in court credited to a proceeding or account on the most recently prepared list of inactive accounts. At any time after the closing day, the registrar may apply to the court for an order (a consolidated fund order )— for money in court—that the money be paid into the consolidated fund; or for securities in court—that the securities be sold and that the net proceeds of the sale, including any interest that accrued on the securities, be paid into the consolidated fund. However, the registrar may not, without the leave of the court, apply for a consolidated fund order if there is a current application for a payment out order for the money or securities. See also section 27 (6) . For this section, an application for a payment out order for the money or securities is current if— a person made the application on or after the day the notice under section 26 was published and served a copy of the application on the registrar under section 27 (5) ; and the application has not been finally dealt with. The court may grant leave under subsection (3) if the applicant for the payment out order has not prosecuted the application to finality within 3 months after the day it was made or the further time the court allows. The registrar must file in the court— a copy of the notice published under section 26 ; and an affidavit stating that— the registrar has complied with section 26 ; and there is no current application for a payment out order for the money or securities. The court may make a consolidated fund order if satisfied of the matters mentioned in subsection (6) (b) (i) and (ii) . (sec.28-ssec.1) This section applies in relation to money in court or securities in court credited to a proceeding or account on the most recently prepared list of inactive accounts. (sec.28-ssec.2) At any time after the closing day, the registrar may apply to the court for an order (a consolidated fund order )— for money in court—that the money be paid into the consolidated fund; or for securities in court—that the securities be sold and that the net proceeds of the sale, including any interest that accrued on the securities, be paid into the consolidated fund. (sec.28-ssec.3) However, the registrar may not, without the leave of the court, apply for a consolidated fund order if there is a current application for a payment out order for the money or securities. See also section 27 (6) . (sec.28-ssec.4) For this section, an application for a payment out order for the money or securities is current if— a person made the application on or after the day the notice under section 26 was published and served a copy of the application on the registrar under section 27 (5) ; and the application has not been finally dealt with. (sec.28-ssec.5) The court may grant leave under subsection (3) if the applicant for the payment out order has not prosecuted the application to finality within 3 months after the day it was made or the further time the court allows. (sec.28-ssec.6) The registrar must file in the court— a copy of the notice published under section 26 ; and an affidavit stating that— the registrar has complied with section 26 ; and there is no current application for a payment out order for the money or securities. (sec.28-ssec.7) The court may make a consolidated fund order if satisfied of the matters mentioned in subsection (6) (b) (i) and (ii) .