Western Australian Consolidated Acts

COMPANIES (CO-OPERATIVE) ACT 1943 - SECT 299

299 .         Outstanding realty, how disposed of

        (1)         Upon it being proved to the satisfaction of the Registrar that there is vested in him by operation of the last preceding section any land, messuage, tenement or hereditament, corporeal or incorporeal, whether of freehold, leasehold, or any other tenure whatever, and whether solely or together with any person wherein the estate or interest of the company is a beneficial estate or interest and not merely held in trust, it shall be lawful for the Registrar to sell or otherwise dispose of or deal with the same, or with any part thereof, or with any estate or interest therein, as to the Registrar seems expedient; and thereupon or at any time thereafter it shall be lawful for the Registrar to sell or otherwise dispose of or deal with the same, either solely or in concurrence with any other person, in such manner, for such price or other consideration, valuable or otherwise, by public auction or private contract, upon such terms and conditions as the Registrar thinks fit; with power to rescind any contract entered into for that purpose, and resell or otherwise dispose of or deal with such property as he thinks expedient or the circumstances of the case require, with power, if the sale be by public auction, to fix a reserve or to sell without a reserve or to buy in, as he thinks fit; and for the purpose of effecting any such realisation, disposition, or dealing, the Registrar may make, execute, sign, and give such contracts, transfers, conveyances, assignments, receipts, discharges, deeds, and documents as he thinks necessary or proper.

        (2)         The moneys received by the Registrar in the exercise of any of the powers conferred on him by this Act shall in the first place be applied in defraying all costs and expenses incident thereto, and thereafter to any payment authorised by this Act, and the surplus (if any) shall be deemed to be trust moneys in his hands within the meaning and operation of section 46 of the Trustees Act 1900 ¹³ , and he shall pay the same into the Court under that section, to the credit of an account entitled in the name of the company, with the word “Defunct” added thereto, and the same shall, subject to Rules of Court, be dealt with according to the orders of the Court: But any petition presented for payment out of Court of any such moneys, and, any claim, suit, or action for or in respect of any such moneys, must be presented, made, or instituted within 6 years next after the dissolution of the company, after the expiration of which period of time all moneys then or at any time thereafter standing to the credit of the said account of the company shall, if there be no such petition, claim, suit or action pending, or any order of the Supreme Court to the contrary, be passed to the credit and form part of the general revenue.