Document ID: chunk:federal_register_of_legislation:C2007A00057:clause:1_128c:p2
Version: federal_register_of_legislation:C2007A00057
Segment Type: clause
Provision Reference: sch 1 cl 128C (pt 2/2)
Character Range: 12773–13823

the beneficiary entered into the scheme if it is established that the beneficiary:
 (a) had not, in respect of that time, kept such books, accounts and records as are usual and proper in relation to the business carried on by the beneficiary and as sufficiently disclose the beneficiary's business transactions and financial position; or
 (b) having kept such books, accounts and records, has not preserved them.

Protection of successors in title

 (8) This section does not affect the rights of a person who acquired property from the transferee in good faith and for at least the market value of the property.

Meaning of transfer of property and market value

 (9) For the purposes of this section:
 (a) transfer of property includes a payment of money; and
 (b) a person who does something that results in another person becoming the owner of property that did not previously exist is taken to have transferred the property to the other person; and
 (c) the market value of property transferred is its market value at the time of the transfer.