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CRIMINAL ASSETS RECOVERY ACT 1990 - SECT 21F
Effect of assets forfeiture notice
21F Effect of assets forfeiture notice
(1) An assets forfeiture notice takes effect- (a) immediately after the end of
the dispute period, or
(b) if a dispute claim is made-on the day the dispute
claim is finally dismissed and the right of appeal under section 21I is
exhausted.
(2) The Commission must, as soon as practicable after an
assets forfeiture notice takes effect, give written notice of the forfeiture
(a
"final notice" ) to- (a) each person who was given a notice under section 21C,
and
(b) a person who made a dispute claim in relation to the notice.
(3) On
an assets forfeiture notice taking effect in relation to an interest in
property- (a) the interest is forfeited to the Crown and vests in the NSW
Trustee and Guardian on behalf of the Crown, and
(b) if the person forfeiting
the interest was in, or entitled to, possession of the property-the NSW
Trustee and Guardian may take possession of the property on behalf of the
Crown.
(4) An interest forfeited under this section must be disposed of by
the NSW Trustee and Guardian in accordance with the directions of the
Treasurer.
(5) The proceeds must be- (a) paid to the Treasurer, and
(b)
credited to the Proceeds Account.
(6) The Treasurer may delegate the power to
give directions under this section.
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