Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 577

577. (1) Upon proof to the satisfaction of the Commission that there is vested
in it by force of section 576 any estate or interest in property, whether
solely or together with any other person, of a beneficial nature and not
merely held in trust, the Commission may get in, sell or otherwise dispose of,
or deal with, that estate or interest or any part of that estate or interest
as it sees fit.

(2) The power of the Commission under subsection (1) to sell or otherwise
dispose of, or deal with, any such estate or interest may be exercised either
solely or together with any other person, by public auction, public tender or
private contract and in such manner, for such consideration and upon such
terms and conditions as the Commission thinks fit, and includes:

   (a)  power to rescind any contract and resell or otherwise dispose of, or
        deal with, that property as the Commission thinks expedient; and

   (b)  power to make, execute, sign and give such contracts, instruments and
        documents as the Commission thinks necessary.

(3) There is payable to the Minister, in respect of the exercise of the powers
conferred upon the Commission by subsections (1) and (2), out of any income
derived from, or the proceeds of sale or other disposition of, the estate or
interest concerned, such commission as is prescribed.

(4) The Commission shall apply any moneys received by it in the exercise of
any power conferred on it by this Division in defraying the costs and expenses
of and incidental to the exercise of that power and in making payments
authorised by this Division, and shall pay the remainder (if any) of the
moneys to the Minister to be dealt with under Part 9.7.

(5) Nothing in this section affects any other right or remedy against a
liquidator or any other person.