Document ID: chunk:federal_register_of_legislation:C2016A00011:clause:2_422d:p2
Version: federal_register_of_legislation:C2016A00011
Segment Type: clause
Provision Reference: sch 2 cl 422D (pt 2/2)
Character Range: 436941–437979

a person is not entitled, as against the new controller, to claim a lien on the books; and
 (b) such a lien is not otherwise prejudiced.

Notice is not a legislative instrument
 (7) A notice under subsection (1) is not a legislative instrument.

Retention period for books
 (8) ASIC must retain all books:
 (a) that are relevant to the control of property of the corporation; and
 (b) possession or control of which is transferred to ASIC under this section; and
 (c) possession or control of which is not transferred to another entity under this section, or under any other law;
for a period (the retention period) of 2 years after the day on which ASIC takes possession or control of the books.

Destruction of books at end of retention period
 (9) ASIC may destroy the books at the end of the retention period.

Relationship with other laws
 (10) Subsections (8) and (9) do not apply to the extent that ASIC is under an obligation to retain the books, or a part of the books, under another provision of this Act or under any other law.