47Matters in relation to dissolved or deregistered societies

47 Matters in relation to dissolved or deregistered societies

47 Matters in relation to dissolved or deregistered societies

(1) This section applies if, before the transfer date, a society’s registration has been cancelled under:

(a) the Financial Institutions Code, or

(b) the Friendly Societies Code, or

(c) the Co-operation Act 1923, or

(d) the Permanent Building Societies Act 1967 or a corresponding previous enactment, or

(e) the Credit Union Act 1969 or a corresponding previous enactment, or

(f) the Friendly Societies Act 1989 or a corresponding previous enactment, or

(g) the provisions of any other law prescribed by the regulations.

(2) If property vested in ASIC under section 36 was held by a society whose registration has been cancelled as mentioned in subsection (1) and was so held on trust, ASIC may:

(a) continue to act as trustee, or

(b) apply to a court for the appointment of a new trustee.

(3) If a society referred to in subsection (2) had property that it did not hold on trust, ASIC may:

(a) dispose of or deal with the property as it sees fit, and

(b) apply any money it so receives:

(i) to defray expenses incurred by ASIC in exercising its powers in relation to the society, and

(ii) to make payments authorised by subsection (4),

and must deal with the rest (if any) under Part 9.7 of the Corporations Act 2001 of the Commonwealth as applying under this section.

(3A) Money received by ASIC on a disposal of, or dealing with property of a society under subsection (3) (a) that is not applied under subsection (3) (b) is declared to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to the provisions of Part 9.7 of the of the Commonwealth as if the society had been a company.