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Corporations (Aboriginal and Torres Strait Islander) Bill 2006

Part 12-3 Unclaimed property

Division 551 Unclaimed property

551-1   Unclaimed property

                   Property is unclaimed property if it is property that subsection 546-25(2) provides for the Registrar to deal with under this Part.

551-5   Registrar to deal with unclaimed property

             (1)  The Registrar, on behalf of the Commonwealth, holds unclaimed property that is money at the time when it becomes unclaimed property on trust in accordance with, and for the purposes of, this Part.

             (2)  If unclaimed property is not money at the time when it becomes unclaimed property, the Registrar must:

                     (a)  on behalf of the Commonwealth, hold the property on trust in accordance with, and for the purposes of, this Part until it is dealt with under paragraph (b); and

                     (b)  sell or dispose of the property as the Registrar thinks fit and hold the proceeds, on behalf of the Commonwealth, on trust in accordance with, and for the purposes of, this Part.

551-10   Registrar and Commonwealth not liable to pay calls on shares etc.

                   If unclaimed property is or includes shares in a body corporate, the Registrar and the Commonwealth are not subject to any obligation:

                     (a)  to pay any calls; or

                     (b)  to make any contribution to the debts and liabilities of the body corporate; or

                     (c)  to discharge any other liability; or

                     (d)  to do any other act or thing;

in respect of the shares, whether the obligation arises before or after the shares become unclaimed property, but this section does not affect the right of a body corporate to forfeit a share.

551-15   Disposition of money that is unclaimed property etc.

             (1)  This section applies to money that:

                     (a)  is unclaimed property; or

                     (b)  represents the proceeds of unclaimed property.

             (2)  If:

                     (a)  a person claims to be entitled to the money; and

                     (b)  the Registrar is satisfied that the person is entitled to the money;

the Registrar must pay the money to the person in accordance with section 551-30.

551-20   Establishment of the Aboriginal and Torres Strait Islander Corporations Unclaimed Money Account

             (1)  The Aboriginal and Torres Strait Islander Corporations Unclaimed Money Account is established by this section.

             (2)  The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997 .

551-25   Credits of amounts to Account

                   There must be credited to the Account amounts equal to:

                     (a)  money that is unclaimed property; and

                     (b)  money that represents the proceeds of unclaimed property.

551-30   Purposes of Account

             (1)  The purposes of the Account, in relation to which amounts may be debited from the Account, are:

                     (a)  to pay persons whom the Registrar is satisfied under paragraph 551-15(2)(b) are entitled to the money; and

                     (b)  to reduce the balance of the Account (and therefore the available appropriation for the Account) without making a payment to any person if 6 years have elapsed since the unclaimed property was first held by the Registrar.

             (2)  If the money is not paid out in accordance with this section within 6 years after the unclaimed property was first held by the Registrar as unclaimed property, the Account must be debited by an amount equivalent to the money.

             (3)  If:

                     (a)  a person makes a claim under paragraph 551-15(2)(a) to money that is unclaimed property, or to money that represents the proceeds of unclaimed property, after 6 years have elapsed since the property was first held by the Registrar as unclaimed property; and

                     (b)  the Registrar is satisfied that the person is entitled to the money;

the Registrar must pay the money to the person out of money that is appropriated by the Parliament for the purpose.

551-35   Claims of disposition of money to incorrect payee

             (1)  If:

                     (a)  a person (the claimant ) claims to be entitled to money; and

                     (b)  the money has been paid to another person (the payee ) in accordance with paragraph 551-30(1)(a) or subsection 551-30(3);

the Registrar is not under any liability to the claimant in respect of that money, but, if the claimant is entitled to that money, the claimant may recover that money from the payee.

             (2)  If:

                     (a)  a person (the claimant ) claims to be entitled to money; and

                     (b)  an amount equivalent to that money has been paid to another person (the payee ) in accordance with paragraph 551-30(1)(a) or subsection 551-30(3);

the Registrar is not under any liability to the claimant in respect of that money, but, if the claimant is entitled to that money, the claimant may recover that equivalent amount from the payee.

551-40   Commonwealth or Registrar not liable for loss or damage

                   Neither the Commonwealth nor the Registrar is liable for any loss or damage suffered by a person arising out of the exercise of, or the failure to exercise, any of the powers which are conferred on the Registrar under this Part or which the Registrar has in relation to unclaimed property.