Document ID: chunk:federal_register_of_legislation:C2013A00090:clause:1_9
Version: federal_register_of_legislation:C2013A00090
Segment Type: clause
Provision Reference: sch 1 cl 9
Character Range: 5728–8192

9  Transitional provision—supplementary statement about unclaimed moneys relating to accounts not operated for 3 years
(1) This item applies if:
 (a) unclaimed moneys relating to a person are paid by an ADI to the Commonwealth in connection with a statement required to be delivered under section 69 of the Banking Act 1959, as that section would have had effect under subitem 8(1) of Schedule 1 to the Treasury Legislation Amendment (Unclaimed Money and Other Measures) Act 2012; and
 (b) the Treasurer is satisfied that the account to which the unclaimed moneys relate has been operated on either by deposit or withdrawal during the period:
 (i) starting on the day after the applicable assessment day for the ADI referred to in subitem 8(4) of that Schedule; and
 (ii) ending on the day the statement is delivered.
Note: Subitem 8(1) of Schedule 1 to the Treasury Legislation Amendment (Unclaimed Money and Other Measures) Act 2012 requires an additional statement to be delivered, and unclaimed moneys to be paid to the Commonwealth, in relation to accounts that have not been operated for 3 years as at 30 May 2013 or a day nominated by the ADI that falls between 31 December 2012 and 29 May 2013.

Treasurer to repay balance of account to ADI
(2) Upon written application from an ADI within 3 months after the commencement of this item, the Treasurer must repay to the ADI the unclaimed moneys that the Treasurer is satisfied represents the balance of the person's account as at the end of the applicable assessment day for the ADI.
Note: See section 28 of the Financial Management and Accountability Act 1997 (appropriation of the Consolidated Revenue Fund for the purposes of repayments by the Commonwealth).

ADI to pay amounts to person to whom unclaimed moneys relate
(3) If an ADI is repaid an amount under subitem (2), the ADI must pay to the person an amount equal to any amounts deducted from the account in order for the ADI to pay the unclaimed moneys to the Commonwealth as mentioned in subitem (1).

Offence
(4) An ADI commits an offence if:
 (a) the ADI is subject to a requirement under subitem (3); and
 (b) the ADI contravenes the requirement.
Penalty: 50 penalty units.

Delegation
(5) The Treasurer may, by instrument in writing, delegate any of his or her functions or powers under this item to:
 (a) ASIC; or
 (b) a member of ASIC, or a staff member, within the meaning of the Australian Securities and Investments Commission Act 2001.