16BApplication of Act to Registrar of Co‑operatives

16B Application of Act to Registrar of Co‑operatives

(1) Division 1 applies to an amount paid to the Registrar of Co-operatives under section 436 of the Co-operatives National Law (Victoria) as if a reference in that Division to a business were a reference to the Registrar of Co‑operatives.

(2) Division 2 applies to consideration (other than money) transferred to the Registrar of Co‑operatives under section 436 of the Co‑operatives National Law (Victoria) as if a reference in that Division to a trustee were a reference to the Registrar of Co-operatives.

(3) For the purposes of section 14(1) as applied by subsection (2), the Registrar of Co‑operatives may deduct out of the unclaimed money payable to the Registrar an amount equivalent to the reasonable expenses incurred in holding or selling the property that constitutes the consideration referred to in subsection (2).

(4) This section does not operate to make the Registrar of Co-operatives subject to any penalty that would otherwise apply to a business or trustee or to impose any obligation or duty on the Registrar of Co‑operatives other than an obligation or duty imposed by, or under, Division 1 or 2.

(5) The Registrar of Co-operatives cannot make an application under section 29 for repayment of unclaimed money paid to the Registrar under section 12 or 14.

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