Victorian Current Acts Victorian Current Acts(1) The trustee in bankruptcy of an owner of a water share may lodge with the Registrar a document for a recording of the transmission to the trustee in bankruptcy to be made in the water register in respect of that water share.
(2) A document lodged under subsection (1) must be in the approved form.
(3) On being satisfied as to the trustee in bankruptcy's authority to be recorded under this section, the Registrar may make a recording of the appointment of that trustee in bankruptcy.
(4) On the making of a recording under this section—
(a) the trustee in bankruptcy becomes the owner of the water share in respect of the interest of the owner of the water share; and
(b) the trustee in bankruptcy holds the water share subject to all equities on which the owner held it, but for the purpose of any dealing with the water share under this Act, is the owner of the water share.
(5) Unless prior to a bankrupt owner of a water share dealing with the water share, the trustee in bankruptcy has applied to be recorded under this section, any dealings by the bankrupt owner with a person dealing bona fide and for value with that owner is not to be affected by any order of sequestration.
(6) This section is subject to any law of the Commonwealth of Australia relating to bankruptcy.
S. 84N inserted by No. 99/2005 s. 57.