Corporations (Aboriginal and Torres Strait Islander) Act 2006
CHAPTER 12
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TRANSFER OF REGISTRATION, DEREGISTRATION AND UNCLAIMED PROPERTY
PART 12-3
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UNCLAIMED PROPERTY
Division 551
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Unclaimed property
SECTION 551-5
REGISTRAR TO DEAL WITH UNCLAIMED PROPERTY
551-5(1)
The Registrar, on behalf of the Commonwealth, holds unclaimed property that is money at the time when it becomes unclaimed property on trust in accordance with, and for the purposes of, this Part.
551-5(2)
If unclaimed property is not money at the time when it becomes unclaimed property, the Registrar must: (a) on behalf of the Commonwealth, hold the property on trust in accordance with, and for the purposes of, this Part until it is dealt with under paragraph (b) ; and (b) sell or dispose of the property as the Registrar thinks fit and hold the proceeds, on behalf of the Commonwealth, on trust in accordance with, and for the purposes of, this Part.
The Registrar, on behalf of the Commonwealth, holds unclaimed property that is money at the time when it becomes unclaimed property on trust in accordance with, and for the purposes of, this Part.
551-5(2)
If unclaimed property is not money at the time when it becomes unclaimed property, the Registrar must: (a) on behalf of the Commonwealth, hold the property on trust in accordance with, and for the purposes of, this Part until it is dealt with under paragraph (b) ; and (b) sell or dispose of the property as the Registrar thinks fit and hold the proceeds, on behalf of the Commonwealth, on trust in accordance with, and for the purposes of, this Part.
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