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AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 66
Dealing with receivership property when appointment ends
66 Dealing with receivership property when appointment ends
(1) This section applies to receivership property if— (a) the receiver’s
appointment ends; and
(b) the chief executive has not asked for the property
under section 63 .
(2) If, within 14 days after the end of the receiver’s
appointment, the chief executive appoints another person (the
"new receiver" ) to be the receiver in the former receiver’s place, the
former receiver must— (a) give the receivership property to the new receiver
as soon as reasonably practicable; or
(b) if the chief executive gives the
former receiver a direction about how to deal with the receivership property,
comply with the direction.
Penalty— Maximum penalty—200 penalty
units or 1 year’s imprisonment.
(3) If a new receiver is not appointed
within the 14 days, the former receiver must give the receivership property to
the agent or other person who has the right to it. Penalty— Maximum
penalty—200 penalty units or 1 year’s imprisonment.
(4) However, the
chief executive may direct the former receiver to destroy or give to the chief
executive a part of the receivership property consisting of documents if the
documents have not been given to the person entitled to them.
(5) The former
receiver must comply with a direction under subsection (4) , unless the former
receiver has a reasonable excuse. Penalty— Maximum penalty for
subsection (5) —200 penalty units or 1 year’s imprisonment.
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