New South Wales Consolidated Acts

CONVEYANCERS LICENSING ACT 2003 - SECT 121

121 Property not dealt with by receiver

(1) If receivable property under the control of the receiver has not been dealt with in accordance with this Division, the receiver must cause notice of that fact to be given to the Secretary and--

(a) if the Secretary so requires within one month after the notice is given--must transfer and deliver the property to the Secretary, or

(b) if no such requirement is made--must transfer and deliver the property to the relevant licensee or relevant associate.

(2) If property other than money is transferred or delivered to the Secretary under this section, the Secretary--

(a) must deal with it as the Supreme Court directs, and

(b) if the property is sold--must treat the proceeds as money paid to the Secretary under this section.

(3) The Secretary must apply money paid to the Secretary under this section--

(a) firstly--towards the satisfaction of wholly or partly unsatisfied claims against the relevant licensee, and

(b) secondly--in payment of the expenses of the receivership.

(4) Any money paid to the Secretary under this section that is surplus to the requirements of this section must be paid to the relevant licensee or relevant associate.