Document ID: chunk:federal_register_of_legislation:C2018C00169:section:34
Version: federal_register_of_legislation:C2018C00169
Segment Type: section
Provision Reference: s 34
Character Range: 91870–93259

34  Buying out other interests in forfeited property
  Where:
 (a) property is forfeited to the Commonwealth under this Part;
 (b) an interest in the property is required to be transferred to a person (in this section called the purchaser) under subsection 22(4) or 33(3), or under a direction under subparagraph 21(6)(d)(i), 23A(7)(d)(i) or 31(6)(d)(i);
 (c) the purchaser's interest in the property, immediately before the forfeiture took place, was not the only interest in the property;
 (d) the purchaser gives written notice to each other person who had an interest in the property immediately before the forfeiture took place that:
 (i) the purchaser intends to purchase that other interest from the Commonwealth; and
 (ii) the person served with the notice may, within 21 days after receiving the notice, lodge a written objection to the purchase of that interest with the Minister;
 (e) the person served with notice under paragraph (d) in relation to that interest does not lodge a written objection to the purchase of that interest with the Minister within the period referred to in that paragraph; and
 (f) the person pays to the Commonwealth, while that interest is still vested in the Commonwealth, an amount equal to the value of that interest;
the Minister shall arrange for that interest to be transferred to the purchaser.

Part IIA—Confiscated Assets Special Account