Document ID: chunk:federal_register_of_legislation:C2010C00406:clause:2_22:p6
Version: federal_register_of_legislation:C2010C00406
Segment Type: clause
Provision Reference: sch 2 cl 22 (pt 6/6)
Character Range: 26393–28342

former trustee); or
 (b) 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 trustee all books (within the meaning of the Corporations Act 2001) relating to the fund'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 *private ancillary fund is vested in an entity (the former trustee) or entities (the former trustees); and
 (b) the Commissioner makes an order under subsection 426‑150(1) or (2) vesting the property in an acting trustee.

 (3) The acting trustee 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 fund; and
 (b) to explain how the former trustee or former trustees have kept account of that property.

 (4) The acting trustee 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 fund to the acting trustee.

 (5) The former trustee, or each of the former trustees, commits an offence if:
 (a) the acting trustee gives the former trustee or former trustees a notice under subsection (3) or (4); and
 (b) the former trustee or former trustees do not, within 28 days of the notice being given, comply with the requirement in the notice.

Penalty: 50 penalty units.

Strict liability

 (6) Subsections (1) and (5) are offences of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.

Part 2—Amendments commencing on 1 January 2010

Income Tax Assessment Act 1997