Commonwealth Numbered Acts

TREASURY LEGISLATION AMENDMENT (UNCLAIMED MONEY AND OTHER MEASURES) ACT 2012 (NO. 176, 2012) - SCHEDULE 5

Australian Securities and Investments Commission Act 2001

1  Division 1 of Part 8

Repeal the Division.

Corporations Act 2001

2  Section 9 (definition of Companies and Unclaimed Moneys Special Account )

Repeal the definition.

3  Section 9 (paragraph (d) of the definition of unclaimed property )

Omit "definition; or", substitute "definition.".

4  Section 9 (paragraph (e) of the definition of unclaimed property )

Repeal the paragraph.

5  Subsection 1339(2)

Repeal the subsection, substitute:

             (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.

6  Subsections 1341(1) and (2)

Repeal the subsections, substitute:

             (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.

             (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.

7  Subsection 1341(3)

After "subsection", insert "(1) or".

8  After subsection 1341(3)

Insert:

          (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.

          (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.

          (3C)  Interest under subsection (3A) does not accrue in relation to a period before 1 July 2013.