Corporations Act 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.6 - ASIC-APPROVED TRANSFERS OF ESTATE ASSETS AND LIABILITIES  

Division 3 - Other matters related to the transfer of estate assets and liabilities  

SECTION 601WCF   601WCF   INCOME OR OTHER DISTRIBUTION RECEIVED BY TRANSFERRING COMPANY  

The transferring company must promptly account to the receiving company for any income or other distribution received by the transferring company after a certificate of transfer comes into force, if the income or distribution arises from assets transferred to the receiving company under this Part.

Note: Failure to comply with this section is an offence (see subsection 1311(1) ).