45Society property vested in ASIC under section 34

45 Society property vested in ASIC under section 34

(1)  This section applies to property vested in ASIC under section 34 that was held by a society to which this Division applies.

(2)  If the property was held by the society 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 the property was not held by the society on trust, ASIC –

(a) 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

(b) [Section 45 Subsection (3) amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] must deal with the balance of the property remaining after acting under paragraph (a) , if any, under Part 9.7 of the Corporations Act as applying under this section.

(3A)  [Section 45 Subsection (3A) inserted by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] Money received by ASIC on a disposal of, or dealing with, property of a society under paragraph (a) of subsection (3) that is not applied under that paragraph 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 Corporations Act as if the society had been a company.

(3B)  [Section 45 Subsection (3B) inserted by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] For the purposes of subsection (3A) , Part 3 of the Corporations (Ancillary Provisions) Act 2001 has effect as if that Part did not contain sections 16(1)(b) and 17.