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 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS
History
Chapter 6A inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
PART 6A.5 - RECORDS OF UNCLAIMED CONSIDERATION
History
Part 6A.5 inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
SECTION 668B
UNCLAIMED CONSIDERATION TO BE TRANSFERRED TO ASIC
668B(1)
[Obligation to transfer unclaimed consideration]
If the company has not transferred the unclaimed consideration to the person entitled to it within 12 months after the publication of a copy of the records in the
Gazette, the company must transfer the consideration to ASIC within 1 month after the end of that 12 month period.
668B(2)
[Discharge for liability]
The company is then discharged from liability to any person in respect of the consideration.
668B(3)
[ASIC's obligations]
ASIC must deal with the consideration under
Part 9.7.
668B(4)
[Rights against liquidator or company]
Except as provided by subsection
(2), this Part does not deprive a person of any right or remedy to which the person is entitled against a liquidator or company.
History
S 668B inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
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