Document ID: chunk:federal_register_of_legislation:C2024C00598:clause:1_450b
Version: federal_register_of_legislation:C2024C00598
Segment Type: clause
Provision Reference: sch 1 cl 450B
Character Range: 1267613–1268682

450B  Forfeiture of seized items by consent etc.
 (1) If:
 (a) a thing is seized under this Part; and
 (b) the owner of the thing agrees to transfer ownership of the thing to the Commonwealth, either:
 (i) unconditionally; or
 (ii) in the event that a future contingency happens; and
 (c) if subparagraph (b)(ii) applies—that contingency happens;
then:
 (d) the thing becomes the property of the Commonwealth; and
 (e) the provisions of this Part relating to forfeiture apply as if the thing had been forfeited to the Commonwealth under this Act.
 (2) If:
 (a) a thing is seized under this Part; and
 (b) the owner of the thing agrees to transfer ownership of the thing to the Commonwealth in the event that a future contingency happens;
the Secretary may retain the thing:
 (c) until the thing becomes the property of the Commonwealth; or
 (d) if the thing does not become the property of the Commonwealth—until the end of the last day on which that contingency could happen.
 (3) Subsection (2) has effect despite anything in section 438, 444G, 446, 456AB or 456AC.