Corporations (Aboriginal and Torres Strait Islander) Act 2006
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.
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