sec.26Disposal of works of art accepted by the board

### sec.26 Disposal of works of art accepted by the board This section applies if— a work of art is accepted by the board for exhibition or for another purpose; and the work is not collected by the person who gave it within 2 years after acceptance or, if the board has agreed to hold the work for a certain period, 2 years after the period ends. Subject to any arrangement about the work between the board and the person, the board may— sell the work by public auction; or exchange the work for another work of art; or if the board considers on reasonable grounds that, because of the work’s value, it is not viable to sell or exchange it—dispose of the work in another way. However, if the board intends to sell, exchange or otherwise dispose of the work, it must give the person at least a month’s written notice of its intention. If the person’s address is not known to the board, the notice may be given to the person by publishing it in a daily newspaper circulating generally in the State. A notice under subsection (4) may form part of a notice under section 29 . If the board sells the work, the proceeds of sale must be applied in the following order— in payment of the reasonable expenses incurred in storing and selling the work; if there is an amount owing to an entity under a security interest registered for the work under the Personal Property Securities Act 2009 (Cwlth) —in payment of the amount owing under the security interest; the balance— must be held by the board for the person for at least 1 year after the sale; and if the person does not claim the proceeds of sale within 1 year after the sale—may be used by the board in performing its functions. s 26 sub 1997 No. 79 s 32 amd 2010 No. 44 s 202 (sec.26-ssec.1) This section applies if— a work of art is accepted by the board for exhibition or for another purpose; and the work is not collected by the person who gave it within 2 years after acceptance or, if the board has agreed to hold the work for a certain period, 2 years after the period ends. (sec.26-ssec.2) Subject to any arrangement about the work between the board and the person, the board may— sell the work by public auction; or exchange the work for another work of art; or if the board considers on reasonable grounds that, because of the work’s value, it is not viable to sell or exchange it—dispose of the work in another way. (sec.26-ssec.3) However, if the board intends to sell, exchange or otherwise dispose of the work, it must give the person at least a month’s written notice of its intention. (sec.26-ssec.4) If the person’s address is not known to the board, the notice may be given to the person by publishing it in a daily newspaper circulating generally in the State. (sec.26-ssec.5) A notice under subsection (4) may form part of a notice under section 29 . (sec.26-ssec.6) If the board sells the work, the proceeds of sale must be applied in the following order— in payment of the reasonable expenses incurred in storing and selling the work; if there is an amount owing to an entity under a security interest registered for the work under the Personal Property Securities Act 2009 (Cwlth) —in payment of the amount owing under the security interest; the balance— must be held by the board for the person for at least 1 year after the sale; and if the person does not claim the proceeds of sale within 1 year after the sale—may be used by the board in performing its functions. - (a) a work of art is accepted by the board for exhibition or for another purpose; and - (b) the work is not collected by the person who gave it within 2 years after acceptance or, if the board has agreed to hold the work for a certain period, 2 years after the period ends. - (a) sell the work by public auction; or - (b) exchange the work for another work of art; or - (c) if the board considers on reasonable grounds that, because of the work’s value, it is not viable to sell or exchange it—dispose of the work in another way. - (a) in payment of the reasonable expenses incurred in storing and selling the work; - (b) if there is an amount owing to an entity under a security interest registered for the work under the Personal Property Securities Act 2009 (Cwlth) —in payment of the amount owing under the security interest; - (c) the balance— (i) must be held by the board for the person for at least 1 year after the sale; and (ii) if the person does not claim the proceeds of sale within 1 year after the sale—may be used by the board in performing its functions. - (i) must be held by the board for the person for at least 1 year after the sale; and - (ii) if the person does not claim the proceeds of sale within 1 year after the sale—may be used by the board in performing its functions. - (i) must be held by the board for the person for at least 1 year after the sale; and - (ii) if the person does not claim the proceeds of sale within 1 year after the sale—may be used by the board in performing its functions.