Commonwealth Consolidated Acts

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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 325

Vesting of property

  (1)   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.

  (2)   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.

  (3)   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.

 


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