Consideration resumed from 10 May.

Senate’s amendment—

(1)    Schedule 1, item 24, page 10 (lines 20 to 32), omit subsection 601AE(1A), substitute:

     (1A)    If the Commonwealth continues to act as trustee in respect of the property, subject to its obligations as trustee, the Commonwealth:

             (a)    in the case of money—must credit the amount of the money to a Special Account (within the meaning of section 5 of the Financial Management and Accountability Act 1997); or

             (b)    otherwise:

                   (i)    may sell or dispose of the property as it thinks fit; and

                  (ii)    if the Commonwealth does so—must credit the amount of the proceeds to a Special Account (within the meaning of section 5 of the Financial Management and Accountability Act 1997).

Note:   ASIC may, for and on behalf of the Commonwealth, perform all the duties and exercise all the powers of the Commonwealth as trustee in relation to property held on trust by the Commonwealth (see subsection 8(6) of the ASIC Act).

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