Document ID: chunk:federal_register_of_legislation:F2016L01901:reg:22
Version: federal_register_of_legislation:F2016L01901
Segment Type: reg
Provision Reference: reg 22
Character Range: 16220–17922

22  Controlled accounts
 (1) This section specifies an account to which the following apply:
 (a) the account is opened and held as a requirement of a law of the Commonwealth, a State or a Territory or a contract;
 (b) the ability of a holder of the account to make deposits into the account or withdrawals from the account is restricted by the law of the Commonwealth, a State or a Territory or the contract;
 (c) the account‑holder has notified the ADI of:
 (i) for an account opened and held as a requirement of a contract—the purpose of the account and the period of the requirement; or
 (ii) for an account opened and held as a requirement of a contract—only the purpose of the account; or
 (iii) for an account opened and held as a requirement of a law of the Commonwealth, a State or a Territory—the purpose of the account and the period (if any) of the requirement; or
 (iv) for an account opened and held as a requirement of a law of the Commonwealth, a State or a Territory—only the purpose of the account.
 (2) The conditions relating to a controlled account to which subparagraph (1)(c)(i) or (iii) relates are that:
 (a) no withdrawals have been made from the account for at least 7 years after the requirement mentioned in paragraph (1)(a) ceases; and
 (b) no deposits have been made into the account for at least 7 years after the requirement mentioned in paragraph (1)(a) ceases.
 (3) The conditions relating to a controlled account to which subparagraph (1)(c)(ii) or (iv) relates are that:
 (a) no deposits have been made into the account for at least 7 years; and
 (b) no withdrawals have been made from the account for at least 7 years.

Division 2—Unclaimed moneys: other matters