Queensland Numbered Acts

GUARDIANSHIP AND ADMINISTRATION AND OTHER LEGISLATION AMENDMENT ACT 2012 No. 37 - SECT 48

(1) Section 68C, heading, 'Compulsory transfer'—

omit, insert—

'Transfer'.

(2) Section 68C(1)(a)—

omit, insert—

'(a) ASIC makes a determination under the Corporations Act, section 601WBA that there is to be a transfer of estate assets and liabilities from a trustee company (the transferring company) to another trustee company (the receiving company); and'.

(3) Section 68C—

insert—

'(5) The registrar of titles or other person required or authorised by law to register or record transactions affecting assets or liabilities—

(a) may, without formal application, register or record in the appropriate way the transfer of an asset or liability under the certificate to the receiving company; and

(b) must, on written application by the receiving company, register or record in the appropriate way the transfer of an asset or liability under the certificate to the receiving company.

'(6) A transaction related to an asset or liability transferred to a receiving company entered into by the receiving company in the transferring company's name or the name of a predecessor in title to the transferring company, if effected by an instrument otherwise in registrable form, must be registered even though the receiving company has not been registered as proprietor of the asset or liability.

'(7) If an asset or liability is registered in the name of a receiving company, the registrar of titles or other registering authority may register a dealing for a transaction about the asset or liability without being concerned to enquire whether it is, or is not, an asset or liability transferred under a certificate.

'(8) For the purposes of this section, the public trustee is taken to be a trustee company.'.