Corporations Act 2001

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS  

PART 6A.5 - RECORDS OF UNCLAIMED CONSIDERATION  

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(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 .

668B(2)   [ Discharge from 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.