THE CORPORATIONS LAW

CHAPTER 11 - APPLICATION AND TRANSITIONAL PROVISIONS

PART 11.2 - COMMENCEMENT AND APPLICATION OF CERTAIN CHANGES TO THIS LAW

Division 7 - Amendments made by the Corporations Legislation Amendment Act 1994

SECTION 1404   SCHEDULE 7 - TRANSITIONAL PROVISIONS RELATING TO UNCLAIMED PROPERTY  

1404(1)  [Money to be paid into unclaimed money account]  

As soon as practicable after the relevant commencement, the money in the Account that was paid into it under this Law must be paid into an unclaimed money account.

1404(2)  [Deemed date of payment]  

For the purposes of subsections 1341(1) and (2) as in force after the relevant commencement, money that was paid into an unclaimed money account under subsection (1) of this section is taken to have been paid into that account under subsection 1339(2) on the day when it was paid to the credit of the Account under section 1339 as in force before the relevant commencement.

1404(3)  [Minister to pay money into unclaimed money account]  

The Minister must pay into an unclaimed money account money that, immediately before the relevant commencement:

(a)  he or she held; and

(b)  was unclaimed property as defined by section 1337 as then in force.

1404(4)  [Property vesting in Commission]  

If, immediately before the relevant commencement, the Minister:

(a)  held property (other than money) that was unclaimed property as defined by section 1337 as then in force; and

(b)  had not yet sold or disposed of the property under section 1339 as then in force;

the property vests in the Commission, because of this subsection, at the relevant commencement.

1404(5)  [Payments or transfer to Minister incomplete]  

Where:

(a)  immediately before the relevant commencement, a transfer provision, as then in force, required or permitted a person to pay money or transfer property to the Minister; and

(b)  as at the time immediately after the relevant commencement:

(i) the person has not yet so paid the money or transferred the property; or

(ii) the person has so paid the money or transferred the property but the payment or transfer has not yet taken effect;

then:

(c)  if the transfer provision is an order of the Court under paragraph 544(2)(c) - the order has effect after the relevant commencement as if it directed the person to pay the money to the Commission instead of to the Minister; or

(d)  if the transfer provision is subsection 577(4) - the Commission must instead deal with the money under Part 9.7 as in force after the relevant commencement; or

(e)  otherwise - the person must, or may, as the case may be, instead pay the money or transfer the property to the Commission in accordance with the transfer provision as in force after the relevant commencement;

unless subparagraph (b)(ii) of this subsection applies and the payment or transfer takes effect after the relevant commencement.

1404(6)  [Transfer only effective after commencement]  

Where, before the relevant commencement, a person transferred property to the Minister under a transfer provision as then in force but the transfer only takes effect after the relevant commencement:

(a)  if the property is money - the Minister must pay it into an unclaimed money account; or

(b)  otherwise - the property vests in the Commission, because of this subsection, immediately after the transfer takes effect.

1404(7)  [Continued application of sec 544(3)]  

Subsection 544(3), as in force before the relevant commencement, continues to apply in relation to a payment to the Minister made under section 544 as so in force.

1404(8)  [Application of sec 702(5)]  

Subsection 702(5), as in force after the relevant commencement, applies in relation to a calendar year ending at or after the relevant commencement.

1404(9)  [Application of sec 702(8), (9), (10)]  

Subsections 702(8), (9) and (10), as in force after the relevant commencement:

(a)  apply in relation to a register given, or required to be given, whether before, at or after the relevant commencement, to the Minister or to the Commission; and

(b)  so apply as if a register given, or required to be given, to the Minister had been given, or required to be given, to the Commission.

1404(10)  [Continued application of sec 1341(2), (3)]  

Subsections 1341(2) and (3), as in force before the relevant commencement, continue to apply in relation to a claim made under subsection 1341(2) as so in force. They so apply as if the second reference in subsection 1341(2), as so in force, to the Account were a reference to the unclaimed money account into which the money to which the claim relates has been paid.

1404(11)  [Continued application of sec 1341(4), (5)]  

Subsection 1341(4) or (5), as in force before the relevant commencement, continues to apply in relation to money that was paid, or money an amount equivalent to which was paid, as the case may be, as directed by the Minister.

1404(12)  [Continued application of sec 1342]  

Section 1342, as in force before the relevant commencement, continues to apply in relation to the powers that the Minister had:

(a)  under Part 9.7 as so in force; or

(b)  in relation to unclaimed property as defined by section 1337 as so in force.

1404(13)  [Definitions]  

In this section:

``relevant commencement'' means the commencement of item 3 of Schedule 7 to the Amending Act;

``transfer'' includes pay;

``transfer provision'' means any of the following:

(a)  subsection 414(15);

(b)  subsection 544(1);

(c)  an order of the Court made under paragraph 544(2)(c);

(d)  subsection 577(4);

(e)  subsection 702(6);

(f)  section 1343.