Document ID: chunk:federal_register_of_legislation:C2024C00492:section:2:p8
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 2 (pt 8/45)
Character Range: 674712–677414

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 Public Governance, Performance and Accountability Act 2013.

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