23Distribution of surplus property

23 Distribution of surplus property

23 Distribution of surplus property

(1) Despite the provisions of any other Act or law, if there is property of a former body corporate after the body corporate is wound up, the liquidator must transfer the property to another body corporate created by this Act, or under the Roman Catholic Church Trust Property Act 1936, specified in writing by the Bishop of the relevant Diocese of the wound up body corporate.

(2) The Bishop of the relevant Diocese must inform the Attorney General of that transfer.

(3) The transfer of property under this section does not affect any trust on which the assets were held immediately before the distribution, and any such trust continues.

(4) To the extent to which it is possible or expedient, a person or body to whom property was transferred under this section must, if the property concerned was transferred or given on trust for any purpose, hold that property as nearly as may be possible for that purpose.

Editorial note—

For information regarding property transfers under this section following winding up of a body corporate, see Gazette No 103 of 24.8.2007, p 5962 (surplus property of Society of St Gerard Majella transferred to Trustees of the Roman Catholic Church for the Diocese of Parramatta). From April 2021, PCO is no longer updating notes in provisions of in force titles about related gazette notices. To search for related gazette notices, please use the Gazette Search functionality.

ss 20–27: Ins 2001 No 11, Sch 1 [10] (am 2001 No 34, Sch 4.56 [1]–[4]).