Proceeds of Crime Act 2002

CHAPTER 2 - THE CONFISCATION SCHEME  

PART 2-2 - FORFEITURE ORDERS  

Division 7 - Miscellaneous  

SECTION 90   Buying out other interests in forfeited property  

90(1)  
If:

(a)  property is forfeited to the Commonwealth under this Part; and

(b)  an interest in the property is required to be transferred to a person (the relevant person ) under subsection 88(1) or 89(1) , or under a direction under paragraph 73(2)(c) ; and

(c)  the relevant person ' s interest in the property, immediately before the forfeiture took place, was not the only interest in the property; and

(d)  the relevant person gives written notice to each other person who had an interest in the property immediately before the forfeiture took place that:


(i) the relevant person 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 other interest with the Minister and the *Official Trustee; and

(e)  no person served with notice under paragraph (d) in relation to that other interest lodges a written objection to the purchase of that other interest with the Minister and the Official Trustee within the period referred to in that paragraph; and

(f)  the relevant person pays to the Commonwealth, while that other interest is still vested in the Commonwealth, an amount equal to the value of that other interest;

the Official Trustee must arrange for that other interest to be transferred to the relevant person.

90(2)  
If a person served with notice under paragraph (1)(d) in relation to the other interest mentioned in that paragraph lodges a written objection to the purchase of that other interest with the Minister and the *Official Trustee within the period referred to in that paragraph:

(a)  the Minister; or

(b)  a *senior Departmental officer authorised by the Minister for the purposes of this subsection;

may direct the Official Trustee to transfer that other interest to the person.




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