CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 9 - MISCELLANEOUS
PART 9.7 - UNCLAIMED PROPERTY
SECTION 1339
COMMISSION TO DEAL WITH UNCLAIMED PROPERTY
1339(1)
[Property held on trust]
The Commission holds unclaimed property on trust in accordance with, and for the purposes of, this Part.
Note:
Division 2 of Part 8 of the
Australian Securities and Investments Commission
Act 1989 contains provisions about property that the Commission receives or holds on trust.
History
S 1339(1) (note) amended by No 54 of 1998, Sch 4, Pt 1 (effective 1 July 1998).
S 1339(1) substituted by No 104 of 1994, Sch 7, Pt 2 (effective 15 July 1994).
1339(2)
[Dealing with unclaimed property]
If property becomes unclaimed property, the Commission must:
(a)
in the case of money - pay it into an unclaimed money account; or
(b)
otherwise - sell or dispose of the property as it thinks fit and pay the proceeds into an unclaimed money account.
This subsection does not apply to unclaimed property so far as the property consists of an investment made as permitted by subsection 142(2) of the
Australian Securities and Investments Commission Act 1989.
History
S 1339(2) amended by No 54 of 1998, Sch 4, Pt 1 (effective 1 July 1998).
S 1339(2) substituted by No 104 of 1994, Sch 7, Pt 2 (effective 15 July 1994).
1339(3)
[Minister may apply investment income]
The Minister may apply as mentioned in subsection 135(1) of the
Australian Securities and Investments Commission Act 1989 income derived from investing, as permitted by subsection 142(2) of that Act, money that is unclaimed property.
Note:
Subsection 135(1) of the
Australian Securities and Investments Commission Act
1989 provides for how the Commission may apply its own money.
History
S 1339(3) and (Note) amended by No 54 of 1998, Sch 4, Pt 1 (effective 1 July 1998).
S 1339(3) substituted by No 104 of 1994, Sch 7, Pt 2 (effective 15 July 1994).
1339(4)
[No liability to person entitled to money]
If income is applied under subsection
(3), a person is not liable to another person in respect of the income merely because the other person is entitled to money in an unclaimed money account.
History
S 1339(4) substituted by No 104 of 1994, Sch 7, Pt 2 (effective 15 July 1994).