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BANKRUPTCY AMENDMENT ACT 1980 No. 12 of 1980 - SECT 116
Filling of vacancy in office of trustee after execution of deed, &c.
116. Section 220 of the Principal Act is amended-
(a) by omitting paragraph (b) of sub-section (2) and substituting the
following paragraph:
"(b) appoint the Official Trustee or a registered trustee, being a registered
trustee who is willing so to act, to act as trustee until the vacant office is
filled by a meeting of creditors.";
(b) by omitting from sub-section (3) "registered" (first occurring);
(c) by omitting from sub-section (3) "an Official Receiver" and
substituting "the Official Trustee"; and
(d) by omitting sub-sections (5) and (6) and substituting the following
sub-sections:
"(5) Where, under this section, the Official Trustee or a registered trustee
is appointed to an office of trustee or to act as trustee-
(a) all property to which the deed or composition relates that is vested
in the former trustee, alone or jointly with another trustee, shall,
subject to sub-section (6), vest in the Official Trustee or that
registered trustee, as the case may be, alone or jointly with any
continuing trustee, as the case may be, without any conveyance,
assignment or transfer, as from the date on which the appointment
takes effect or is deemed to have taken effect; and
(b) the Official Trustee or that registered trustee, as the case may be,
has the same rights, powers, duties and liabilities as if
the Official Trustee or that registered trustee, as the case may be,
had been an original trustee, but is not personally liable in respect
of any act done, omission made or liability incurred by a prior
trustee.
"(6) Where a law of the Commonwealth or of a State or Territory of the
Commonwealth requires the transmission of property to be registered, and
enables a trustee so appointed to be registered as the owner of any such
property to which the deed or composition relates, that property,
notwithstanding that it vests in equity in the trustee by virtue of this
section, does not vest in the trustee at law until the requirements of that
law have been complied with.".
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