Enterprise must first make reasonable efforts to ensure owner is paid money
8A Enterprise must first make reasonable efforts to ensure owner is paid money
An enterprise that holds any money of a kind referred to in section 8 in an account referred to in section 7 (1) must make reasonable efforts—
to identify and locate the owner of the money, and
to ensure that the money is paid to the owner of the money.
Maximum penalty—
for an individual—250 penalty units, or
otherwise—500 penalty units.
Money held by an enterprise in an account is not unclaimed money (despite section 7) unless, after making reasonable efforts and after a reasonable period has passed, the enterprise is unable to ensure that the money is paid to the owner of the money.
This section does not apply in respect of any money that is not unclaimed money because of section 9.
This Act’s bill:Explanatory memorandumSecond reading speech
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