6BStatutory corporation ceasing to exist

6B Statutory corporation ceasing to exist

6B Statutory corporation ceasing to exist

(1) On the day on which a statutory corporation, that is a Statutory Trustee of a Fund, is dissolved or otherwise ceases to exist:

(a) the statutory corporation ceases to be a Statutory Trustee of the Fund, and

(b) the Fund vests, without any conveyance or other assurance, in the person who holds the office of the Secretary of the Department of Industry.

(2) The person who holds the office of the Secretary of the Department of Industry is taken to be a Statutory Trustee of any Fund that vests in that person by virtue of subsection (1), but ceases to be such a Statutory Trustee if an order is made under section 6 in relation to that Fund.

s 6B: Ins 1999 No 14, Sch 1 [5]. Am 2017 No 22, Sch 4.48.