Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 8   Transitional, saving and application provisions

Part 1   Transitional provisions relating to transfer from State and Territory regulatory regimes

Division 4   Transitional provisions relating to operation of the Banking Act 1959

9   Unclaimed money

(1) This item applies to each body that is taken by subitem 7(3) to have been granted an authority under subsection 9(3) of the Banking Act 1959.

(2) An amount of money in respect of which notification action has been taken before the transfer date by a body to which this item applies under an unclaimed money law is not unclaimed moneys for the purposes of section 69 of the Banking Act 1959.

(3) For the avoidance of doubt, it is declared that, subject to subitem (2), an amount of money that, on the transfer date, satisfies the description of unclaimed moneys in section 69 of the Banking Act 1959 is unclaimed moneys for the purposes of that section even though, for any reason, the amount was not, immediately before that date, unclaimed money, or unclaimed moneys, within the meaning of an unclaimed money law.

(4) If, but for this item, a body to which this item applies would be required to deliver a Commonwealth unclaimed money statement on or before the 31 March next following the transfer date, then:

(a) the body may, but is taken not to be required to, deliver a Commonwealth unclaimed money statement on or before that 31 March; and

(b) if the body does not deliver a Commonwealth unclaimed money statement on or before that 31 March - the amounts that would have been included in that statement must (if they are still unclaimed money) be included in the next Commonwealth unclaimed money statement delivered by the body.

(5) The Treasurer, or an authorized officer (within the meaning of section 69 of the Banking Act 1959), may, in relation to a specified body to which this item applies, determine in writing that subsection 69(5) of the Banking Act 1959 has effect in relation to the first Commonwealth unclaimed money statement delivered by the body after the transfer date as if it required the amount shown in the statement to be paid to the Commonwealth:

(a) on a specified date or at the end of a specified period; or

(b) in accordance with a specified scheme for payment by instalments.

Note: A body may be specified by name, by inclusion in a specified class or in some other way.

(6) A person must not, under subitem (5), make a determination that would result in an amount being required to be paid to the Commonwealth more than 5 years after the date on which the amount would otherwise have had to be paid to the Commonwealth.

(7) A determination under subitem (5) has effect accordingly.

(8) In this item:

Commonwealth unclaimed money statement means a statement under subsection 69(3) of the Banking Act 1959.

notification action means:

(a) in relation to the unclaimed money law of Victoria, Queensland, South Australia, Tasmania, the Australian Capital Territory or the Northern Territory - enter, or enter particulars of, unclaimed money, or unclaimed moneys, (within the meaning of that law) in a register in accordance with that law; or

(b) in relation to the unclaimed money law of New South Wales - lodge a return with the Chief Commissioner (within the meaning of that law) relating to unclaimed money (within the meaning of that law) in accordance with that law; or

(c) in relation to the unclaimed money law of Western Australia - notify the Treasurer of particulars of unclaimed money (within the meaning of that law) in accordance with that law.

unclaimed money law means:

(a) the Unclaimed Money Act 1995 of New South Wales;

(b) the Unclaimed Moneys Act 1962 of Victoria;

(c) Part 8 of the Public Trustee Act 1978 of Queensland;

(d) the Unclaimed Money Act 1990 of Western Australia;

(e) the Unclaimed Moneys Act 1891 of South Australia;

(f) the Unclaimed Moneys Act 1918 of Tasmania;

(g) the Unclaimed Moneys Act 1950 of the Australian Capital Territory;

(h) the Companies (Unclaimed Assets and Moneys) Act of the Northern Territory.

Note: For the transitional provisions relating to the operation of the Financial Sector (Shareholdings) Act 1998, see the amendment made by item 45 of Schedule 7 to this Act.