Document ID: chunk:federal_register_of_legislation:C2024C00492:section:2:p7
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 2 (pt 7/45)
Character Range: 672176–674925

had not been deregistered; and
 (b) a person who was a director of the corporation immediately before deregistration becomes a director again as from the time when the Registrar or the Court reinstates the corporation; and
 (c) any property of the corporation that is still vested in the Registrar revests in the corporation; and
 (d) if the corporation held particular property subject to a security or other interest or claim—the corporation takes the property subject to that interest or claim.

546‑45  Regulations may modify Division in relation to statutory Indigenous land trusts
 (1) The regulations may modify any of the provisions of this Division (other than section 546‑15 and subsection (2) of this section) as they relate to an Aboriginal and Torres Strait Islander corporation that holds land for the benefit of Aboriginal persons or Torres Strait Islanders under:
 (a) the Aboriginal Land Act 1991 of Queensland; or
 (b) any other law prescribed by the regulations for the purposes of this paragraph.
 (2) Regulations made for the purposes of subsection (1) must not:
 (a) increase, or have the effect of increasing, the maximum penalty for any offence; or
 (b) widen, or have the effect of widening, the scope of any offence.
 (3) This section does not limit section 633‑5 (which deals with regulations in relation to registered native title bodies corporate).

Part 12‑3—Unclaimed property

Division 551—Unclaimed property

551‑1  Unclaimed property
  Property is unclaimed property if it is property that subsection 546‑25(2) provides for the Registrar to deal with under this Part.

551‑5  Registrar to deal with unclaimed property
 (1) The Registrar, on behalf of the Commonwealth, holds unclaimed property that is money at the time when it becomes unclaimed property on trust in accordance with, and for the purposes of, this Part.
 (2) If unclaimed property is not money at the time when it becomes unclaimed property, the Registrar must:
 (a) on behalf of the Commonwealth, hold the property on trust in accordance with, and for the purposes of, this Part until it is dealt with under paragraph (b); and
 (b) sell or dispose of the property as the Registrar thinks fit and hold the proceeds, on behalf of the Commonwealth, on trust in accordance with, and for the purposes of, this Part.

551‑10  Registrar and Commonwealth not liable to pay calls on shares etc.
  If unclaimed property is or includes shares in a body corporate, the Registrar and the Commonwealth are not subject to any obligation:
 (a) to pay any calls; or
 (b) to make any contribution to the debts and liabilities of the body corporate; or
 (c) to discharge any other liability; or
 (d) to do any other act or thing;
in respect of the shares, whether the