Alfred Grant Pty. Ltd. and Other Companies (Distribution of Trust Moneys) Act Amendment Act 1981 (Qld)

1183 O uce rtelm1b ANNO TRICESIMO ELIZABETHAE SECUNDAE REGINAE No. 116 of 1981 An Act to amend the Alfred Grant Pty. Ltd. and OtherCompanies (Distribution of Trust Moneys) Act 1979 in certain particulars [ASSENTED TO 16TH D ECEMBER, 1981]

1184 Alfred Grant Pty. Ltd. and Other Companies ( Distribution of Trust Moneys) Act Amendment Act 1981, No. 116 BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. Short title and citation . (1) This Act may be cited as the Alfred Grant Pty. Ltd. and Other Companies (Distribution of Trust ,Moneys) Act Amendment Act 1981. (2) In this Act the Alfred Grant Pty. Ltd. and Other Companies(Distribution of TrustMoneys) Act1979 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Alfred Grant Pty. Ltd. and Other Companies ( Distribution of Trust Af onevs) Act 1979-1981. 2. Commencement . This Act shall be deemed to have commenced on 21 December 1979 and shall have retrospective effect accordingly. 3. Amendment of s. 2. Interpretation . Section 2 of the Principal Act is amended by inserting after the term " the scheme " and its meaning the following term and meaning:- " " the stipulated date " means 31 January 1981 ; ". 4. Amendment of s. 4. No liability for penalty where receivers and liquidators comply with scheme. Section 4 of the Principal Act is amended by- (a) in paragraph (a), omitting the words " scheme if, in connexion with his so doing, he complies in all respects with the ": (b) in paragraphs (b) and (c), omitting the words " and complying with the provisions of the scheme as referred to in paragraph (a) " and substituting in each case the words " in accordance with the provisions of the schema ". 5. Amendment of s. 5. No action or judgment , etc., where scheme complied with . Section 5 of the Principal Act is amended by- (a) making the existing provision subsection (1) by inserting after the note to the section the expression " (1) "; (b) in subsection (1)- (i) inserting after the " substantially ": words " trust moneys " the word (ii) inserting after the word " otherwise " the word " substantially "; (iii) omitting the words " in all respects "; (ib) inserting after subsection (1) the following subsection:- (2) No action, proceeding, claim or demand shall be brought or made against any of the receivers and liquidators or any of their employees or agents by any person in respect of any claim to trust moneys that is affected by the provisions of clause 15 of the scheme; and, in relation thereto, no judgment shall be enforceable irrespective of where such judgment is obtained and notwithstanding any other Act or law.".

Alfred Grant Pty. Ltd. and Other Companies ( Distribution of Trust Moneys ) Act Amendment Act 1981, No. 116 1185 6. Amendment of Schedule. The Schedule to the Principal Act is amended by- (a) in clause 1 of the scheme, inserting after the words " potential claimants of trust moneys, shall " the words " as far as it is reasonably practicable so to do "; (b) in clause 4 of the scheme, omitting all words occurring after the words " receivers and liquidators shall be " and substituting the words " the stipulated date "; (c) in clause 5 of the scheme, omitting the words " date stipulated as the date not later than which claims shall be in their hands " and substituting the words " stipulated date "; (d) in clause 6 of the scheme, omitting the word " therefor" occurring in subclause (1); (e) in clause 7 of the scheme, inserting after the words " receivers and liquidators " the words ", in their sole and absolute discretion,"; (f) omitting clause 8 of the scheme and substituting the following clause:- " 8. Subject to clause 7 and without derogating from clause 6, the receivers and liquidators shall- (a) determine the amount of money they consider on the available evidence to be proved to their satisfaction to have been paid to the companies or their agents or any of them by each claimant or any other person through whom a claimant claims an entitlement to trust moneys in connexion with or arising out of the sale or proposed sale by the companies or any of them of land situated in the State, and the total of all such amounts of money; and (b) determine in the case of each claimant the percentage that the amount of money determined in respect of him is of the total of all amounts of money so determined: Provided that the receivers and liquidators shall not make a determination in favour of a claimant if they are satisfied that the claim relates to a transaction on account of which moneys have not been received in the State and, at the relevant time for the making of a determination, do not form part of the trust moneys."; (g) omitting clause 9 of the scheme and substituting the following clause:- 9. The receivers and liquidators, upon making determinations referred to in clause 8 (a), shall certify in writing the amounts thereof."; (h) inserting after clause 9 of the scheme as substituted by this Act the following clauses:- " 9A. Forthwith after making a certification in writing referred to in clause 9 in respect of a claimant, the receivers and liquidators shall forward to the claimant at his address last known to them a notice in writing of the amount of the certification in respect of his claim.

1186 Alfred Grant Pty. Ltd. and Other Companies ( Distribution of Trust Moneys) Act Amendment Act 1981, No. 116 9B. Forthwith after the completion of the certification of all the amounts determinable under clause 8 (a), the receivers and liquidators shall distribute the trust moneys by distributing to each claimant that percentage of the trust moneys relative to his claim determined under clause 8 (b). Without limiting any other effective mode of distribution, trust moneys may be distributed to a claimant by forwarding those moneys to him at his address last known to the receivers and liquidators."; (i) in clause 10 of the scheme, omitting the words " certification by the receivers and liquidators pursuant to clause 9 " and substituting the words " remission of payment by the receivers and liquidators "; (j) in clause 13 of the scheme, omitting the words "time of the determination shall be taken to be a reference to the time of the reconsideration by the receivers and liquidators " and substituting the words " relevant time for the making of a determination shall be taken to be a reference to the relevant time for such reconsideration "; (k) inserting after clause 14 of the scheme the following clause:- 15. (1) Notwithstanding any other provision of the scheme but subject to subclause (2), the receivers and liquidators shall not make a distribution of any trust moneys to a claimant who, after 24 March 1976- (a) has instituted or institutes any action or proceeding that causes moneys which if paid to the receivers and liquidators would be trust moneys not to be so paid; or (b) has recovered or received or recovers or receives any moneys from the companies or any agent or former agent of the companies in respect of or that in any way relate to his claim, other than moneys distributed by the receivers and liquidators in accordance with the scheme. (2) If- (a) moneys referred to in subclause (1) (a) or part of those moneys are subsequently paid to the receivers and liquidators and the claimant recovers or receives no moneys in respect of or in any way relating to his claim or moneys recovered or received by him are less in amount than the amount the receivers and liquidators would have distributed to him under clause 7 or clauses 8 and 9B of the scheme; or (b) moneys recovered or received as referred to in subclause (1) (b) are less in amount. than the amount the receivers and liquidators would have distributed to the claimant under clause 7 or clauses 8 and 9B of the scheme, the receivers and liquidators shall, in any subsequent distribution of trust moneys under clause 13 and notwithstanding the provisions thereof, pay to the claimant trust moneys of such an amount that the aggregate of moneys- (i) received by him as a consequence of an action or a proceeding referred to in subclause ( 1) (a);

Alfred Grant Pty. Ltd. and Other Companies (Distribution of Trust Moneys) Act Amendment Act 1981, No. 116 1187 (ii) recovered or received as referred to in subclause (1) (b); and (iii) paid by the receivers and liquidators pursuant to this subclause equals, as far as is practicable, the amount that the claimant would have received had he been included in the distributions of trust moneys in accordance with the provisions (other than this clause) of the scheme.".