Treasury Legislation Amendment (Unclaimed Money and Other Measures)Act 2012 (176 of 2012)

Schedule 5   Corporations

Corporations Act 2001

6   Subsections 1341(1) and (2)

Repeal the subsections, substitute:

(1) If:

(a) unclaimed property is or was held by ASIC; and

(b) the unclaimed property is an amount of money; and

(c) a person claims to be entitled to that amount; and

(d) ASIC is satisfied that the person is entitled to that amount;

ASIC must:

(e) pay the person an amount equal to that amount; and

(f) do so out of money appropriated by the Parliament for the purposes of this section.

(2) If:

(a) ASIC has, under subsection 1339(2), sold or disposed of unclaimed property; and

(b) the amount of the proceeds is or was held by ASIC; and

(c) a person claims to be entitled to that amount; and

(d) ASIC is satisfied that the person is entitled to that amount;

ASIC must:

(e) pay the person an amount equal to that amount; and

(f) do so out of money appropriated by the Parliament for the purposes of this section.