Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:8_9:p1
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 8 cl 9 (pt 1/2)
Character Range: 282580–285170

9  Unclaimed money

(1) This item applies to each body that is taken by subitem 7(3) to have been granted an authority under subsection 9(3) of the Banking Act 1959.

(2) An amount of money in respect of which notification action has been taken before the transfer date by a body to which this item applies under an unclaimed money law is not unclaimed moneys for the purposes of section 69 of the Banking Act 1959.

(3) For the avoidance of doubt, it is declared that, subject to subitem (2), an amount of money that, on the transfer date, satisfies the description of unclaimed moneys in section 69 of the Banking Act 1959 is unclaimed moneys for the purposes of that section even though, for any reason, the amount was not, immediately before that date, unclaimed money, or unclaimed moneys, within the meaning of an unclaimed money law.

(4) If, but for this item, a body to which this item applies would be required to deliver a Commonwealth unclaimed money statement on or before the 31 March next following the transfer date, then:
 (a) the body may, but is taken not to be required to, deliver a Commonwealth unclaimed money statement on or before that 31 March; and
 (b) if the body does not deliver a Commonwealth unclaimed money statement on or before that 31 March—the amounts that would have been included in that statement must (if they are still unclaimed money) be included in the next Commonwealth unclaimed money statement delivered by the body.

(5) The Treasurer, or an authorized officer (within the meaning of section 69 of the Banking Act 1959), may, in relation to a specified body to which this item applies, determine in writing that subsection 69(5) of the Banking Act 1959 has effect in relation to the first Commonwealth unclaimed money statement delivered by the body after the transfer date as if it required the amount shown in the statement to be paid to the Commonwealth:
 (a) on a specified date or at the end of a specified period; or
 (b) in accordance with a specified scheme for payment by instalments.

Note: A body may be specified by name, by inclusion in a specified class or in some other way.

(6) A person must not, under subitem (5), make a determination that would result in an amount being required to be paid to the Commonwealth more than 5 years after the date on which the amount would otherwise have had to be paid to the Commonwealth.

(7) A determination under subitem (5) has effect accordingly.

(8) In this item:

Commonwealth unclaimed money statement means a statement under subsection 69(3) of the Banking Act 1959.

notification