Document ID: chunk:federal_register_of_legislation:C2007A00074:clause:1_1339
Version: federal_register_of_legislation:C2007A00074
Segment Type: clause
Provision Reference: sch 1 cl 1339
Character Range: 16878–17467

1339  ASIC to deal with unclaimed property

 (1) Unclaimed property held by ASIC is to be dealt with in accordance with this Part.

Note: Unclaimed property is held by ASIC for and on behalf of the Commonwealth (see subsections 8(3) and (4) of the ASIC Act).

 (2) If property becomes unclaimed property, ASIC must:
 (a) in the case of money—credit the amount of the money to the Companies and Unclaimed Moneys Special Account; or
 (b) otherwise—sell or dispose of the property as it thinks fit and credit the amount of the proceeds to the Companies and Unclaimed Moneys Special Account.