Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:8_17:p1
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 8 cl 17 (pt 1/2)
Character Range: 297718–300465

17  Unclaimed money

(1) An amount of money in respect of which notification action has been taken before the transfer date under an unclaimed money law is not an amount of unclaimed money for the purposes of section 216 of the amended Act.

(2) For the avoidance of doubt, it is declared that, subject to subitem (1), an amount of money that, on the transfer date, satisfies the description of unclaimed money in section 216 of the amended Act is unclaimed money for the purposes of that section even though, for any reason, the amount was not, immediately before the transfer date, unclaimed money, or unclaimed moneys, within the meaning of an unclaimed money law.

(3) If, but for this item, a transferring friendly society would be required to deliver a Commonwealth unclaimed money statement on or before the 31 March next following the transfer date, then:
 (a) the transferring friendly society may, but is taken not to be required to, deliver a Commonwealth unclaimed money statement on or before that 31 March; and
 (b) if the transferring friendly society does not deliver a Commonwealth unclaimed money statement on or before that 31 March—the amounts that would have been included in that statement must (if they are still unclaimed money) be included in the next Commonwealth unclaimed money statement delivered by the friendly society.

(4) ASIC may, in relation to a specified transferring friendly society, determine in writing that subsection 216(3) of the amended Act has effect in relation to the first Commonwealth unclaimed money statement delivered by the transferring friendly society after the transfer date as if it required the amount worked out under subsection 216(6) of that Act to be paid to the Commonwealth:
 (a) on a specified date or at the end of a specified period; or
 (b) in accordance with a specified scheme for payment by instalments.

Note: A transferring friendly society may be specified by name, by inclusion in a specified class or in some other way.

(5) ASIC must not, under subitem (4), make a determination that would result in an amount being required to be paid to the Commonwealth more than 5 years after the date on which the amount would otherwise have had to be paid to the Commonwealth.

(6) A determination under subitem (4) has effect accordingly.

(7) In this item:

Commonwealth unclaimed money statement means a statement under subsection 216(1) of the amended Act.

notification action means:
 (a) in relation to the unclaimed money law of Victoria, Queensland, South Australia, Tasmania, the Australian Capital Territory or the Northern Territory—enter, or enter particulars of, unclaimed money, or unclaimed moneys, (within the meaning of that law) in a register in accordance with