sec.66Society’s property vested in ASIC under s 49

sec.66 Society’s property vested in ASIC under s 49

This section applies to property vested in ASIC under section 49 that was held by the society. If the property was held by the society on trust, ASIC may— continue to act as trustee; or apply to a court for the appointment of a new trustee. If the property was not held by the society on trust, ASIC— may— dispose of or deal with the property as it sees fit; and apply any money it receives to defray expenses incurred by ASIC in exercising its powers in relation to the society and to make payments authorised by subsection (4); and must deal with the balance of the property remaining after acting under paragraph (a) (if any) under part 9.7 of the Corporations Law which is taken to apply as if the society had been a company. The property remains subject to all liabilities imposed on the property under a law and does not have the benefit of any exemption that the property might otherwise have because it is vested in ASIC. ASIC’s obligation under subsection (4) is limited to satisfying the liabilities out of the society’s property to the extent that the property is properly available to satisfy those liabilities. ASIC must keep— a record of the property that it knows this section applies to; and a record of its dealings with that property; and accounts of all money received from those dealings; and all accounts, vouchers, receipts and papers relating to the property and that money. (sec.66-ssec.1) This section applies to property vested in ASIC under section 49 that was held by the society. (sec.66-ssec.2) If the property was held by the society on trust, ASIC may— continue to act as trustee; or apply to a court for the appointment of a new trustee. (sec.66-ssec.3) If the property was not held by the society on trust, ASIC— may— dispose of or deal with the property as it sees fit; and apply any money it receives to defray expenses incurred by ASIC in exercising its powers in relation to the society and to make payments authorised by subsection (4); and must deal with the balance of the property remaining after acting under paragraph (a) (if any) under part 9.7 of the Corporations Law which is taken to apply as if the society had been a company. (sec.66-ssec.4) The property remains subject to all liabilities imposed on the property under a law and does not have the benefit of any exemption that the property might otherwise have because it is vested in ASIC. (sec.66-ssec.5) ASIC’s obligation under subsection (4) is limited to satisfying the liabilities out of the society’s property to the extent that the property is properly available to satisfy those liabilities. (sec.66-ssec.6) ASIC must keep— a record of the property that it knows this section applies to; and a record of its dealings with that property; and accounts of all money received from those dealings; and all accounts, vouchers, receipts and papers relating to the property and that money.