Dormant Funds Regulation 2024

This regulation is the Dormant Funds Regulation 2024.

This regulation commences on 1 September 2024.

Note—

This regulation replaces the Dormant Funds Regulation 2014, which is repealed on 1 September 2024 by the Subordinate Legislation Act 1989, section 10(2).

In this regulation—

the Act means the Dormant Funds Act 1942.

Note—

The Act and the Interpretation Act 1987 contain definitions and other provisions that affect the interpretation and application of this regulation.

For a determination, or revocation of a determination, that a fund is a dormant fund under the Act, section 5A, the Commissioner must give notice—

to at least one of the trustees of the fund, or

if there are no trustees of the fund—to at least one person who was formerly a trustee of the fund, or

if the Commissioner does not know the name or address of a person specified in paragraph (a) or (b)—by publishing in a newspaper determined by the Commissioner.

A fee is payable to the Commissioner for the formulation of a proposal for a dormant fund under the Act, section 11.

The amount of the fee is 5% of the value of the dormant fund, as certified by the Commissioner under the Act, section 10.

However, the Minister may reduce or waive the fee if the Minister considers it just and reasonable to do so.

An act, matter or thing that, immediately before the repeal of the Dormant Funds Regulation 2014, had effect under that regulation continues to have effect under this regulation.