Document ID: chunk:federal_register_of_legislation:C2025A00017:clause:7_50
Version: federal_register_of_legislation:C2025A00017
Segment Type: clause
Provision Reference: sch 7 cl 50
Character Range: 408949–410164

50  Continued effect of certain trust arrangements etc under the DRCA
 (1) This section applies if, immediately before the date of commencement, money is held by the MRCC for the benefit of a person under section 110 of the old DRCA.
 (2) On and after the date of commencement, the Commission is taken to have assumed the office of trustee of the money under subsection 432(2) of the MRCA.
 (3) If:
 (a) before the date of commencement, the money was invested in accordance with subsection 110(2) of the old DRCA; and
 (b) immediately before that date, an arrangement for that investment is in force;
the arrangement has effect, on and after that date, as if it were an arrangement under paragraph 434(5)(a) of the MRCA.
 (4) If:
 (a) before the date of commencement, a direction mentioned in subsection 110(1) or (4) of the old DRCA was given in relation to the money, or the money as invested; and
 (b) immediately before that date, the direction had not been revoked by the person who gave it;
then, despite sections 433 and 434 of the MRCA, the money, or the money as invested, must be dealt with, on or after that date, in accordance with the direction, unless the direction is revoked by person who gave it.