Co-Operatives (National Uniform Legislation) Act 2015

1 Amounts received to be paid to ADI account and held in trust

Amounts received by the transferor under this Division must be paid into a separate authorised deposit-taking institution account and the amounts, and any other consideration received, are to be held by the transferor in trust for the persons entitled to the shares in relation to which they were respectively received.

2 Transfer of amounts or property to Registrar after 2 years

If an amount or other property received by the transferor under this

Division has been held in trust by the transferor for a person for at least 2 years, the transferor must pay the amount or transfer the consideration, and any accretions to it and any property that may become substituted for it or for part of it, to the Registrar.

3 Application of Corporations Act

Anything paid or transferred to the Registrar under subsection (2) is declared to be an applied Corporations legislation matter for the purposes of the Corporations application legislation of this jurisdiction in relation to Part 9.7 of the Corporations Act, subject to the following modifications:

National Law Act of this jurisdiction or the local regulations for the purposes of this subparagraph;

or both;

Note

See section 13, including

Note 1 to that section.

4 Timing for transfer to Registrar

The transferor must comply with subsection (2) before the end of 10 years after the day on which the amount was paid, or the consideration was allotted or transferred, to the transferor.