Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 12 - TRANSFER OF REGISTRATION, DEREGISTRATION AND UNCLAIMED PROPERTY  

PART 12-3 - UNCLAIMED PROPERTY  

Division 551 - Unclaimed property  

SECTION 551-30   PURPOSES OF ACCOUNT  

551-30(1)    
The purposes of the Account, in relation to which amounts may be debited from the Account, are:

(a)    to pay persons whom the Registrar is satisfied under paragraph 551-15(2)(b) are entitled to the money; and

(b)    to reduce the balance of the Account (and therefore the available appropriation for the Account) without making a payment to any person if 6 years have elapsed since the unclaimed property was first held by the Registrar.

551-30(2)    
If the money is not paid out in accordance with this section within 6 years after the unclaimed property was first held by the Registrar as unclaimed property, the Account must be debited by an amount equivalent to the money.

551-30(3)    
If:

(a)    a person makes a claim under paragraph 551-15(2)(a) to money that is unclaimed property, or to money that represents the proceeds of unclaimed property, after 6 years have elapsed since the property was first held by the Registrar as unclaimed property; and

(b)    the Registrar is satisfied that the person is entitled to the money;

the Registrar must pay the money to the person out of money that is appropriated by the Parliament for the purpose.