601WCF
In forceIncome or other distribution received by transferring company
Volume 3Chapter 5A, Part 5A.1 to Chapter 6D, Part 6D.5 sections 601 to 742
Chapter 5DLicensed trustee companies
Part 5D.6ASIC‑approved transfers of estate assets and liabilities
Division 3Other matters related to the transfer of estate assets and liabilities
601WCF Income or other distribution received by transferring company
The transferring company must promptly account to the receiving company for any income or other distribution received by the transferring company after a certificate of transfer comes into force, if the income or distribution arises from assets transferred to the receiving company under this Part.
Note:
Failure to comply with this section is an offence (see subsection 1311(1)).
This Act’s bill:Explanatory memorandumSecond reading speech
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