Document ID: chunk:federal_register_of_legislation:C2007A00074:clause:1_37
Version: federal_register_of_legislation:C2007A00074
Segment Type: clause
Provision Reference: sch 1 cl 37
Character Range: 17665–18763

37  Subsections 1341(1) and (2)
Repeal the subsections, substitute:

 (1) If an amount is not debited from the Companies and Unclaimed Moneys Special Account in accordance with this section within 6 years after that amount was originally credited to the Account under subsection 1339(2), that amount must be debited from the Account.

Note: Despite being debited from the Companies and Unclaimed Moneys Special Account, the amount remains part of the Consolidated Revenue Fund.

 (2) If:
 (a) a person claims to be entitled to an amount credited to the Companies and Unclaimed Moneys Special Account under subsection 1339(2); and
 (b) ASIC is satisfied that the person is entitled to that amount;
ASIC must:
 (c) unless paragraph (d) applies—pay the amount to the person and debit that amount from the Account; or
 (d) if the amount has already been debited from the Account under subsection (1)—pay the amount to the person out of money appropriated by the Parliament for the purpose.

Note: The heading to section 1341 is replaced with the following heading "Entitlement to unclaimed property".