CORPORATIONS ACT 2001
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(1A) [ Strict liability offence]
An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
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.