Corporations Act 2001

CHAPTER 9 - MISCELLANEOUS  

PART 9.7 - UNCLAIMED PROPERTY  

SECTION 1341   ENTITLEMENT TO UNCLAIMED PROPERTY  

1341(1)    

If:

(a) unclaimed property is or was held by ASIC; and

(b) the unclaimed property is an amount of money; and

(c) a person claims to be entitled to that amount; and

(d) ASIC is satisfied that the person is entitled to that amount;

ASIC must:

(e) pay the person an amount equal to that amount; and

(f) do so out of money appropriated by the Parliament for the purposes of this section.

1341(2)    

If:

(a) ASIC has, under subsection 1339(2) , sold or disposed of unclaimed property; and

(b) the amount of the proceeds is or was held by ASIC; and

(c) a person claims to be entitled to that amount; and

(d) ASIC is satisfied that the person is entitled to that amount;

ASIC must:

(e) pay the person an amount equal to that amount; and

(f) do so out of money appropriated by the Parliament for the purposes of this section.

1341(3)    

A person who is dissatisfied with the decision of ASIC in respect of a claim made by the person in accordance with subsection (1) or (2) may appeal to the Court and the Court may confirm, disallow or vary the decision of ASIC.

1341(3A)    

If ASIC pays an amount to a person under subsection (1) or (2) on or after 1 July 2013, ASIC must:

(a) also pay to the person the amount of interest (if any) worked out in accordance with the regulations; and

(b) do so out of money appropriated by the Parliament for the purposes of this section.

1341(3B)    

Regulations made for the purposes of paragraph (3A)(a) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate.

1341(3C)    

Interest under subsection (3A) does not accrue in relation to a period before 1 July 2013.

1341(4)    

Where a person claims to be entitled to money that has been paid to another person in accordance with this section, neither the Commonwealth nor ASIC is under any liability to that first-mentioned person in respect of that money, but, if the first-mentioned person is entitled to that money, that person may recover that money from the other person.

1341(5)    
(Repealed by No 74 of 2007, s 3, Sch 1, Pt 1 [ 39] (effective 1 July 2007).)