THE CORPORATIONS LAW

CHAPTER 9 - MISCELLANEOUS

PART 9.7 - UNCLAIMED PROPERTY

SECTION 1341   DISPOSITION OF MONEY IN UNCLAIMED MONEY ACCOUNT  

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1341(1)  [Payment into Consolidated Revenue]  

If money is not paid out of an unclaimed money account in accordance with this section or subsection 1339(3) within 6 years after it was originally paid into such an account under subsection 1339(2), it must be paid into the Consolidated Revenue Fund.

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1341(2)  [Payment of claim against account]  

If:

(a)  a person claims to be entitled to money paid into an unclaimed money account under subsection 1339(2); and

(b)  the Commission is satisfied that the person is entitled to the money;

the Commission must:

(c)  unless paragraph (d) applies - pay the money to the person out of the relevant unclaimed money account; or

(d)  if the money has been paid into the Consolidated Revenue Fund under subsection (1) - pay an equivalent amount to the person out of money appropriated by the Parliament for the purpose.

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1341(3)  [Appeal to Court from Commission's decision]  

A person who is dissatisfied with the decision of the Commission in respect of a claim made by the person in accordance with subsection (2) may appeal to the Court and the Court may confirm, disallow or vary the decision of the Commission.

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1341(4)  [Money paid in error]  

Where a person claims to be entitled to money that has been paid to another person in accordance with this section, the Commission is not under any liability to that first-mentioned person in respect of that money, but, if the first-mentioned person is entitled to that money, that person may recover that money from the other person.

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1341(5)  [Money appropriated by Parliament paid in error]  

Where a person claims to be entitled to money, being money an amount equivalent to which has been paid to another person in accordance with subsection (2) out of money appropriated by the Parliament for the purpose, the Commission is not under any liability to that first-mentioned person in respect of that money, but, if the first-mentioned person is entitled to that money, that person may recover that equivalent amount from the other person.

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1341(6)  (Omitted by No 110 of 1990, Sch 1 (effective 18 December 1990).)

 

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