New South Wales Consolidated Acts

CRIMINAL ASSETS RECOVERY ACT 1990 - SECT 21F

21F Effect of assets forfeiture notice

(1) An assets forfeiture notice takes effect--

(a) immediately after the end of the dispute period, or

(b) if a dispute claim is made--on the day the dispute claim is finally dismissed and the right of appeal under section 21I is exhausted.

(2) The Commission must, as soon as practicable after an assets forfeiture notice takes effect, give written notice of the forfeiture (a
"final notice" ) to--

(a) each person who was given a notice under section 21C, and

(b) a person who made a dispute claim in relation to the notice.

(3) On an assets forfeiture notice taking effect in relation to an interest in property--

(a) the interest is forfeited to the Crown and vests in the NSW Trustee and Guardian on behalf of the Crown, and

(b) if the person forfeiting the interest was in, or entitled to, possession of the property--the NSW Trustee and Guardian may take possession of the property on behalf of the Crown.

(4) An interest forfeited under this section must be disposed of by the NSW Trustee and Guardian in accordance with the directions of the Treasurer.

(5) The proceeds must be--

(a) paid to the Treasurer, and

(b) credited to the Proceeds Account.

(6) The Treasurer may delegate the power to give directions under this section.