Document ID: chunk:federal_register_of_legislation:C2004A04777:section:5:p9
Version: federal_register_of_legislation:C2004A04777
Segment Type: section
Provision Reference: s 5 (pt 9/16)
Character Range: 70440–73344

with under Part 9.7; or

  (c) property that vests in the Commission under section 1404; or

    (d) an accretion to, or substitution for, property that is unclaimed property because of any other application or applications of this definition; or

    (e) without limiting paragraph (d), money paid, or required to be paid, under paragraph 1339(2)(b) into an unclaimed money account;

but does not include income that the Minister has applied under subsection 1339(3);".

3. Subsections 414(15), 544(1), (2) and (3) and 702(5), (6), (8), (9) and (10), section 1340, subsections 1341(3), (4) and (5) and sections 1342 and 1343:

  Omit "Minister" (wherever occurring), substitute "Commission".

SCHEDULE 7—continued

4. Subsection 577(4):

Omit "pay the remainder (if any) of the moneys to the Minister to be dealt with", substitute "deal with the rest (if any)".

5. Section 1337:

  Repeal the section.

6. Section 1339:

  Repeal the section, substitute:

Commission to deal with unclaimed property

"1339.(1) The Commission holds unclaimed property on trust in accordance with, and for the purposes of, this Part.

    Note:  Division 2 of Part 8 of the Australian Securities Commission Act 1989 contains provisions about property that the Commission receives or holds on trust.

  "(2) If property becomes unclaimed property, the Commission must:

  (a) in the case of money—pay it into an unclaimed money account; or

     (b) otherwise—sell or dispose of the property as it thinks fit and pay the proceeds into an unclaimed money account.

This subsection does not apply to unclaimed property so far as the property consists of an investment made as permitted by subsection 142(2) of the Australian Securities Commission Act 1989.

"(3) The Minister may apply as mentioned in subsection 135(1) of the Australian Securities Commission Act 1989 income derived from investing, as permitted by subsection 142(2) of that Act, money that is unclaimed property.

    Note:  Subsection 135(1) of the Australian Securities Commission Act 1989 provides for how the Commission may apply its own money.

"(4) If income is applied under subsection (3), a person is not liable to another person in respect of the income merely because the other person is entitled to money in an unclaimed money account.".

7. Subsections 1341(1) and (2):

  Omit the subsections, substitute:

"(1) If money is not paid out of an unclaimed money account in accordance with this section or subsection 1339(3) within 6 years after it was originally paid into such an account under subsection 1339(2), it must be paid into the Consolidated Revenue Fund.

  "(2)  If:

     (a) a person claims to be entitled to money paid into an unclaimed money account under subsection 1339(2); and

SCHEDULE 7—continued

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

the Commission must:

    (c) unless paragraph