Document ID: chunk:federal_register_of_legislation:C2004A04777:schedule:7:p1
Version: federal_register_of_legislation:C2004A04777
Segment Type: schedule
Provision Reference: sch 7 (pt 1/2)
Character Range: 95002–97825

Schedule 7—transitional provisions relating to unclaimed property

"1404.(1) As soon as practicable after the relevant commencement, the money in the Account that was paid into it under this Law must be paid into an unclaimed money account.

"(2) For the purposes of subsections 1341(1) and (2) as in force after the relevant commencement, money that was paid into an unclaimed money account under subsection (1) of this section is taken to have been paid into that account under subsection 1339(2) on the day when it was paid to the credit of the Account under section 1339 as in force before the relevant commencement.

"(3) The Minister must pay into an unclaimed money account money that, immediately before the relevant commencement:

SCHEDULE 9—continued

  (a) he or she held; and

  (b) was unclaimed property as defined by section 1337 as then in force.

  "(4) If, immediately before the relevant commencement, the Minister:

     (a) held property (other than money) that was unclaimed property as defined by section 1337 as then in force; and

     (b) had not yet sold or disposed of the property under section 1339 as then in force;

the property vests in the Commission, because of this subsection, at the relevant commencement.

  "(5) Where:

     (a) immediately before the relevant commencement, a transfer provision, as then in force, required or permitted a person to pay money or transfer property to the Minister; and

  (b) as at the time immediately after the relevant commencement:

        (i) the person has not yet so paid the money or transferred the property; or

        (ii) the person has so paid the money or transferred the property but the payment or transfer has not yet taken effect;

then:

     (c) if the transfer provision is an order of the Court under paragraph 544(2)(c)—the order has effect after the relevant commencement as if it directed the person to pay the money to the Commission instead of to the Minister; or

     (d) if the transfer provision is subsection 577(4)—the Commission must instead deal with the money under Part 9.7 as in force after the relevant commencement; or

     (e) otherwise—the person must, or may, as the case may be, instead pay the money or transfer the property to the Commission in accordance with the transfer provision as in force after the relevant commencement;

unless subparagraph (b)(ii) of this subsection applies and the payment or transfer takes effect after the relevant commencement.

"(6) Where, before the relevant commencement, a person transferred property to the Minister under a transfer provision as then in force but the transfer only takes effect after the relevant commencement:

     (a) if the property is money—the Minister must pay it into an unclaimed money account; or

     (b) otherwise—the property vests in