Investment of capital in name of Treasurer
79 Investment of capital in name of Treasurer
This section applies if a trustee company was required to invest part of its paid-up capital in the name of the Treasurer of the State of Queensland in trust for the trustee company, as mentioned in repealed section 56(1), before the commencement.
The securities and investments mentioned in the section in existence at the time of the repeal are to be transferred by the Treasurer as soon as practicable after the repeal to the trustee company or another person nominated by the trustee company.
Note—
The timing of the transfer may be affected by the nature, and the terms and conditions, of the security or investment.
Repealed section 56(3) continues to apply, despite its repeal, in relation to interest and income mentioned in the subsection, whether the interest and income is held by the Treasurer at the time of the repeal or received afterwards.
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