Disposal of net proceeds of sale of goods

In force

(1)

If they have not already been paid into a Trust Fund, proceeds of the sale or disposal of goods under the repealed Act must be dealt with under section 27 of this Act.

(2)

Moneys deposited into a Trust Fund at the Territory Insurance

Office or an ADI opened for section 19(3) of the repealed Act must, as soon as practicable after the commencement date, be transferred to the Accountable Officer's Trust Account.

(3)

Section 27(4), (5) and (6) of this Act applies to the transferred moneys as if the goods to which the moneys relate were sold under Part 2 of this Act.

This Act’s bill:Second reading speech

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41 Disposal of net proceeds of sale of goods