Corporations Act 2001

CHAPTER 9 - MISCELLANEOUS  

PART 9.7 - UNCLAIMED PROPERTY  

SECTION 1339   ASIC TO DEAL WITH UNCLAIMED PROPERTY  

1339(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).

1339(2)    

If property (other than money) becomes unclaimed property, ASIC must, on behalf of the Commonwealth, sell or dispose of the property as ASIC thinks fit.

SECTION 1340  

1340   NO LIABILITY TO PAY CALLS ON SHARES ETC.  

Where unclaimed property is or includes shares in a body corporate, neither the Commonwealth nor ASIC is subject to any obligation:

(a) to pay any calls; or

(b) to make any contribution to the debts and liabilities of the body corporate; or

(c) to discharge any other liability; or

(d) to do any other act or thing;

in respect of the shares, whether the obligation arises before or after the shares become unclaimed property, but this section does not affect the right of a body corporate to forfeit a share.

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).)

SECTION 1342  

1342   COMMONWEALTH OR ASIC NOT LIABLE FOR LOSS OR DAMAGE  
Neither the Commonwealth nor ASIC is liable for any loss or damage suffered by a person arising out of the exercise of, or the failure to exercise, any of the powers which are conferred on ASIC under this Part or which ASIC has in relation to unclaimed property.

SECTION 1343  

1343   DISPOSAL OF SECURITIES IF WHEREABOUTS OF HOLDER UNKNOWN  
Where a person has been shown in an appropriate register of a company as the holder of securities of the company for a period of at least 6 years and the company has, for a period of at least 6 years:

(a) had reasonable grounds for believing that the person was not residing at the address shown in the register as the person's address; and

(b) on each occasion during that last-mentioned period when, whether or not in accordance with a provision of this Act, it sought to communicate with the person, being unable after the exercise of reasonable diligence to do so;

the company may, by executing a transfer for and on behalf of the person, transfer to ASIC:

(c) the securities; and

(d) any rights in respect of the securities;

to be dealt with under this Part.

SECTION 1343A  

1343A   DISPOSAL OF INTERESTS IN REGISTERED SCHEME IF WHEREABOUTS OF MEMBER UNKNOWN  
If, during a period of at least 6 years while a person has been shown in the register of members of a registered scheme as the holder of interests in the scheme:

(a) the responsible entity has had reasonable grounds for believing that the person was not residing at the address shown in the register as their address; and

(b) the responsible entity's attempts to communicate with the person have been made using reasonable diligence but have all been unsuccessful;

the responsible entity may, by executing a transfer for and on behalf of the person, transfer the interests and any rights in respect of them to ASIC to be dealt with under this Part.