Document ID: chunk:federal_register_of_legislation:C2025C00139:section:14:p49
Version: federal_register_of_legislation:C2025C00139
Segment Type: section
Provision Reference: s 14 (pt 49/66)
Character Range: 155749–158520

written order vesting the property of the registered entity in the new acting responsible entity, the previously suspended trustee or trustees or the new permanent trustee or trustees (whichever is applicable).
 (3) If the Commissioner makes an order under this section vesting property of a registered entity in a person or persons, then, subject to subsection (4), the property immediately vests in the person or persons by force of this section.
 (4) If:
 (a) the property is of a kind whose transfer or transmission may be registered under an Australian law; and
 (b) that law enables the registration of such an order, or enables the person or persons to be registered as the owner or owners of that property;
the property does not vest in the person or persons until the requirements of the law mentioned in paragraph (a) have been complied with.

100‑70  Property vested in acting trustee—former trustees' obligations relating to books, identification of property and transfer of property

Books
 (1) An entity commits an offence if:
 (a) the Commissioner makes an order under subsection 100‑65(1) or (2) vesting the property of a registered entity in an acting responsible entity; and
 (b) just before the Commissioner made the order, the property was vested in:
 (i) the entity (the former trustee); or
 (ii) 2 or more entities (the former trustees), including the entity; and
 (c) the former trustee or former trustees do not, within 14 days of the Commissioner making the order, give the acting responsible entity all books (within the meaning of the Corporations Act 2001) relating to the registered entity's affairs that are in the former trustee's or former trustees' possession, custody or control.
Penalty: 50 penalty units.

Identification of property and transfer of property
 (2) Subsections (3) to (5) apply if:
 (a) the property of a registered entity is vested in an entity (the former trustee) or entities (the former trustees); and
 (b) the Commissioner makes an order under subsection 100‑65(1) or (2) vesting the property in an acting responsible entity.
 (3) The acting responsible entity may, by notice in writing to the former trustee or former trustees, require the former trustee or former trustees, so far as the former trustee or former trustees can do so:
 (a) to identify property of the registered entity; and
 (b) to explain how the former trustee or former trustees have kept account of that property.
 (4) The acting responsible entity may, by notice in writing to the former trustee or former trustees, require the former trustee or former trustees to take specified action that is necessary to bring about a transfer of specified property of the registered entity to the acting responsible entity.
 (5) The former trustee, or each