Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 92

             (1)  If the Federal Court orders the judicial trusteeship of a designated security trust fund, the court must, by its order:

                     (a)  if there is already a trustee of the fund--remove the trustee of the fund; and

                     (b)  appoint an individual as the trustee of the fund while the fund remains under judicial trusteeship.

The appointee is called the judicial trustee .

             (2)  The Court may at any time cancel the appointment of a judicial trustee and appoint another individual as judicial trustee.

             (3)  This Act does not prevent the Federal Court from appointing the same individual to be the judicial trustee of 2 or more security trust funds.

             (4)  Only an individual who is an official liquidator may be appointed as a judicial trustee.

             (5)  In this section:

"official liquidator" has the same meaning as in the Corporations Act 2001 .