Governance Review Implementation (Treasury Portfolio Agencies) Act 2007 (74 of 2007)

Schedule 1   Amendments

Part 1   ASIC

Corporations Act 2001

37   Subsections 1341(1) and (2)

Repeal the subsections, substitute:

(1) If an amount is not debited from the Companies and Unclaimed Moneys Special Account in accordance with this section within 6 years after that amount was originally credited to the Account under subsection 1339(2), that amount must be debited from the Account.

Note: Despite being debited from the Companies and Unclaimed Moneys Special Account, the amount remains part of the Consolidated Revenue Fund.

(2) If:

(a) a person claims to be entitled to an amount credited to the Companies and Unclaimed Moneys Special Account under subsection 1339(2); and

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

ASIC must:

(c) unless paragraph (d) applies - pay the amount to the person and debit that amount from the Account; or

(d) if the amount has already been debited from the Account under subsection (1) - pay the amount to the person out of money appropriated by the Parliament for the purpose.

Note: The heading to section 1341 is replaced with the following heading “ Entitlement to unclaimed property ”.