Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 5 - Administration  

PART 5-35 - REGISTRATION AND SIMILAR PROCESSES FOR VARIOUS TAXES  

Division 426 - Process of endorsing charities and other entities  

Subdivision 426-D - Public and private ancillary funds  

Suspension and removal of trustees

SECTION 426-150   PROPERTY VESTING ORDERS  

426-150(1)  


If the Commissioner appoints an acting trustee, the Commissioner must make a written order vesting the property of the *ancillary fund in the acting trustee.

426-150(2)  
If the appointment ends, the Commissioner must make a written order vesting the property of the fund in the new acting trustee, the previously suspended trustee or trustees or the new actual trustee or trustees (whichever is applicable).

426-150(3)  


If the Commissioner makes an order under this section vesting property of an *ancillary fund in an entity or entities, then, subject to subsection (4), the property immediately vests in the entity or entities by force of this section.

426-150(4)  
If:


(a) the property is of a kind whose transfer or transmission may be registered under an *Australian law; and


(b) that law enables the registration of such an order, or enables the entity or entities to be registered as the owner of that property;

the property does not vest in the entity or entities until the requirements of the law referred to in paragraph (a) have been complied with.




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