Governance Review Implementation (Treasury Portfolio Agencies) Act 2007 (74 of 2007)

Schedule 1   Amendments

Part 1   ASIC

Corporations Act 2001

35   Section 1339

Repeal the section, substitute:

1339 ASIC to deal with unclaimed property

(1) Unclaimed property held by ASIC is to be dealt with in accordance with this Part.

Note: Unclaimed property is held by ASIC for and on behalf of the Commonwealth (see subsections 8(3) and (4) of the ASIC Act).

(2) If property becomes unclaimed property, ASIC must:

(a) in the case of money - credit the amount of the money to the Companies and Unclaimed Moneys Special Account; or

(b) otherwise - sell or dispose of the property as it thinks fit and credit the amount of the proceeds to the Companies and Unclaimed Moneys Special Account.