Commonwealth Numbered Acts

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PROCEEDS OF CRIME ACT 2002 No. 85, 2002 - SECT 299

Determinations by Official Trustee about suspended and distributable funds

(1) The * Official Trustee may determine whether the amount of * suspended funds in the * Confiscated Assets Account:

(a)
is likely to be insufficient to meet the payments to be made out of those funds for the purposes of subsection 297(1); or

(b)
is likely to exceed the amount required to meet those payments.

(2) If the * Official Trustee determines that the amount of * suspended funds is likely to be insufficient to meet the payments to be made out of the suspended funds, the Official Trustee must specify an amount of the * distributable funds that is to be identified as suspended funds. (3) The amount specified under subsection (2) must not be more than the amount required to meet those payments. (4) However, if the * Official Trustee determines that the amount of * suspended funds is likely to exceed the amount required to meet those payments, the Official Trustee must specify an amount of the suspended funds that is to be identified as * distributable funds. (5) The amount specified under subsection (4) must not be more than the amount of the likely excess. (6) The * Official Trustee may make a determination under subsection (1) at such times as it considers appropriate, but must make at least one determination in every 6 months. (7) Distributable funds are funds in the * Confiscated Assets Account that are:

(a)
identified as distributable funds in accordance with the regulations (other than money that is identified by the * Official Trustee under subsection (2) as * suspended funds); or

(b)
identified by the Official Trustee under subsection (4) as distributable funds.



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