Document ID: chunk:federal_register_of_legislation:C2025C00165:section:69:p3
Version: federal_register_of_legislation:C2025C00165
Segment Type: section
Provision Reference: s 69 (pt 3/4)
Character Range: 378869–381427

is, upon payment to the Commonwealth of an amount as required by this section, discharged from further liability in respect of that amount.
 (7) Where unclaimed moneys have been paid to the Commonwealth under this section and the Treasurer or an authorized officer is satisfied that, but for subsection (6), a person would be paid those unclaimed moneys by the ADI by which they were paid to the Commonwealth (or, if that ADI is no longer carrying on banking business, by an ADI to which the business of the first‑mentioned ADI has been sold or disposed of), those unclaimed moneys shall be paid to that ADI and the ADI shall thereupon pay those moneys to that person.
 (7AA) If unclaimed moneys are paid to an ADI under subsection (7) on or after 1 July 2013:
 (a) the Commonwealth must also pay to the ADI the amount of interest (if any) worked out in accordance with the regulations; and
 (b) the ADI must pay that amount to the person.
 (7AB) Regulations made for the purposes of paragraph (7AA)(a) may involve different rates of interest for different periods over which the interest accrues. For this purpose, rate includes a nil rate.
 (7AC) Interest under paragraph (7AA)(a) does not accrue in relation to a period before 1 July 2013.
 (7A) The ADI commits an offence if:
 (a) it does not pay moneys to a person as required by subsection (7) or (7AA); and
 (b) there is no determination in force under section 11 that this subsection does not apply to the ADI.
Penalty: 50 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
 (7B) If an ADI satisfies the Treasurer that an amount paid by the ADI under subsection (5) exceeds the amount that should have been paid under that subsection, the Treasurer must refund the amount of the excess.
 (8) The Consolidated Revenue Fund is appropriated for the purposes of, and to the extent necessary to give effect to, subsections (7), (7AA) and (7B).
 (9) The Treasurer shall cause particulars of every sum shown in a statement delivered under this section to be made available to the public (whether or not on the payment of a fee) in such manner as the Treasurer determines.
 (11) The Treasurer or an ADI may apply to the Federal Court of Australia for a declaration whether any moneys are or are not unclaimed moneys within the meaning of this section