Retirement Savings Accounts Act 1997

PART 14 - PROCEEDINGS  

SECTION 171   VESTING OF PROPERTY  

171(1)   [Property immediately vested in law and equity]  

If an order is made by a court under this Act vesting property in a person:


(a) subject to subsections (2) and (3), the property immediately vests in law and in equity in the person named in the order by force of this Act; and


(b) if the order is made by a court - the person who applied for the order must, within 7 days after the entering of the order, lodge an office copy of the order with such person (if any) as is specified in the order.

171(2)   [Registration of vesting order]  

If:


(a) the property is of a kind whose transfer or transmission may be registered under a law of the Commonwealth, of a State or of a Territory; and


(b) that law enables the registration of such an order;

the property does not vest in that person at law until the requirements of the law referred to in paragraph (a) have been complied with.

171(3)   [Registration of person named in order]  

If:


(a) the property is of a kind whose transfer or transmission may be registered under a law of the Commonwealth, of a State or of a Territory; and


(b) that law enables the person named in the order to be registered as the owner of that property;

the property does not vest in that person at law until the requirements of the law referred to in paragraph (b) have been complied with.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.