Co-Operatives National Law Application Act 2013

This section applies in relation to an amount or other property paid or transferred to the Registrar under section 436(2) of the Co-operatives National Law (Victoria).

The transferor of the amount or property must provide to the Registrar any details of the amount or property required by the Registrar to comply with the Unclaimed Money Act 2008.

For the purposes of section 436(3)(b)(i) of the Co‑operatives National Law (Victoria), references in section 1339 of the Corporations Act to crediting an amount to the Companies and Unclaimed Moneys Special Account are to be read as references to dealing with the amount or property in accordance with subsection (4).

Anything paid or transferred to the Registrar under section 436(2) of the Co-operatives National Law (Victoria) is to be held on trust by the Registrar until such time as it is—

dealt with in accordance with the Unclaimed Money Act 2008; or

paid or transferred to a person under subsection (6).

For the purposes of section 436(3)(b)(ii) of the Co-operatives National Law (Victoria), sections 1341(1) and (2) of the Corporations Act are taken to be replaced by subsection (6).

If a person claims to be entitled to an amount or property held in trust by the Registrar under subsection (4) and the Registrar is satisfied that the person is entitled to that amount or property, the Registrar must pay the amount or transfer the property to the person.

The Registrar is, following the payment of an amount or the transfer of property to a claimant under subsection (6), discharged from any further liability with respect to that amount or that property.

If a person (the subsequent claimant) claims to be the owner of an amount or property subsequent to that amount or property being paid or transferred to another person (the first claimant) under subsection (6), the subsequent claimant may have recourse against the first claimant for that amount or property.