Unclaimed Money Act 1950

This Act is the Unclaimed Money Act 1950.

The dictionary at the end of this Act is part of this Act.

Note 1 The dictionary at the end of this Act defines certain terms used in this Act, and includes references (signpost definitions) to other terms defined elsewhere in this Act.

For example, the signpost definition ‘unclaimed amount, for part 3 (Unclaimed amounts payable by companies)—see section 6 (2).’ means that the term ‘unclaimed amount’ is defined in that section for part 3.

Note 2 A definition in the dictionary (including a signpost definition) applies to the entire Act unless the definition, or another provision of the Act, provides otherwise or the contrary intention otherwise appears (see Legislation Act, s 155 and s 156 (1)).

A note included in this Act is explanatory and is not part of this Act.

Note See the Legislation Act, s 127 (1), (4) and (5) for the legal status of notes.

The Minister may declare that a law of a State or another Territory is a law that corresponds with this Act.

A declaration is a notifiable instrument.

Part 2 Unclaimed assets in hands of liquidators

A liquidator of a company who—

has in his or her hands or under his or her control any amount (including a dividend) that has remained unclaimed for longer than 6 months from when the amount became payable; or

after making a final distribution, has in his or her hands or under his or her control any unclaimed or undistributed amount arising from the property of the company;

must pay that amount to the public trustee and guardian.

The Supreme Court may, at any time, on the application of the public trustee and guardian, by order, direct a liquidator to submit to the court an account of any unclaimed or undistributed amounts in his or her hands.

If the Supreme Court makes an order under subsection (2), it may, by its order, give directions about—

the verification of the account; and

the auditing of the account; and

the payment by the liquidator to the public trustee and guardian of unclaimed or undistributed amounts.

A liquidator who makes a payment to the public trustee and guardian in accordance with subsection (1) or in accordance with an order under subsection (2) must give the public trustee and guardian particulars of—

the amount paid; and

the name of the company concerned; and

the name of the person who appears, from the records of the company, to be entitled to the amount to which the payment relates.

If a liquidator pays an amount to the public trustee and guardian in accordance with subsection (1) or in accordance with an order made under subsection (2), the liquidator is discharged from liability to anyone in relation to the amount.

Part 3 Unclaimed amounts payable by companies

This part applies to an amount payable by a company—

to a person in his or her capacity as a member of the company; or

in relation to deposits with, or securities of, the company.

For this part, an amount to which this part applies is an unclaimed amount if—

at least 6 years have elapsed since the day the amount became payable; and

during the 6-year period, the company did not receive a request from a person entitled to the amount that the amount be paid to the person or someone else.

If, in a year, any amounts payable by a company have become unclaimed amounts, the company must, not later than 31 January in the next year, enter particulars of the amounts in an alphabetical register kept for the year by the company at its head or principal office in the ACT.

The company must, on payment or tender of a fee of 20 cents, allow anyone to inspect, at that head or principal office during the hours when the company transacts its ordinary business, all registers kept by the company under this section.

If a company pays an amount entered in a register kept by the company under this section to the person entitled to the amount, the company may delete from the register the entry relating to the amount.

This section applies if, under section 7 (1), particulars of unclaimed amounts have been entered in a register kept by a company for a year.

The company must prepare a written notice setting out the particulars entered in the register for the year.

Not later than 31 March in the next year, the company must—

give the notice, verified by a statement made by an officer of the company, to the public trustee and guardian; and

give public notice—

stating that it holds unclaimed amounts for the previous year; and

explaining how people can find out details of the amounts and claim them.

Note 1 Public notice means notice on an ACT government website or in a daily newspaper circulating in the ACT (see Legislation Act, dict, pt 1).

Note 2 It is an offence to make a false or misleading statement, give false or misleading information or produce a false or misleading document (see Criminal Code, pt 3.4).

A company must not fail to comply with any of the provisions of section 7 or section 8.

Maximum penalty: 100 penalty units.

It is a defence to a prosecution for an offence arising out of a failure to comply with section 7 (1) that, in relation to the amount in question, the defendant complied with a corresponding law that applied in relation to the amount.

It is a defence to a prosecution for an offence arising out of a failure to comply with section 8 that, in relation to the register in question, the defendant complied with a corresponding law that applied in relation to the register.

This section applies if—

particulars of an unclaimed amount have been entered in a register kept by a company under section 7 (Register of unclaimed amounts to be kept); and

the amount has not been paid by the company to the person entitled to it within 1 year after the day the company gave the notice to the public trustee and guardian under section 8 (3) (a) that included particulars of the amount.

The company must pay the amount to the public trustee and guardian not later than 1 month after the end of the 1-year period.

On payment of the amount to the public trustee and guardian, the company is relieved from all further liability for the amount.

A company must not fail to pay any amount to the public trustee and guardian as required by this part.

Maximum penalty: 100 penalty units.

It is a defence to a prosecution for an offence against subsection (1) that, in relation to the amount in question, the defendant complied with the requirements of a corresponding law that applied in relation to the amount.

This part does not apply to an amount that is required by a law in force in the ACT to be dealt with in a way different from the way provided by this part.

Part 5 Payment of unclaimed amounts to claimants