Disposition of proceeds of sale
11 Disposition of proceeds of sale
A warehouseman shall pay into the Local Court so much, if any, of the proceeds of a sale of goods made in pursuance of section 8 as is not required to satisfy his lien on the goods.
Maximum penalty: 4 penalty units or imprisonment for 6 months.
When making a payment into Court under subsection (1), a warehouseman shall deliver to a registrar of the Local Court:
a statement of account showing how the amount paid in has been computed; and
a copy of each notice of his intention to sell the goods given by the warehouseman in pursuance of section 8.
Maximum penalty: 1.7 penalty units.
Moneys paid into the Court under subsection (1) may, upon the order of the Court, be applied as the Court thinks fit.
Where the Court has not, within 12 months after the payment of moneys into the Court under subsection (1), made an order with respect to the moneys, the moneys shall be paid into the Central Holding Authority.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.