Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 1339

(1)

The Commission holds unclaimed property on trust in accordance with, and for the purposes of, this Part.

Note: Division 2 of Part 8 of the Australian Securities and Investments Commission Act 1989 contains provisions about property that the Commission receives or holds on trust.

(2)

If property becomes unclaimed property, the Commission must:

(a)

in the case of money—pay it into an unclaimed money account; or

(b)

otherwise—sell or dispose of the property as it thinks fit and pay the proceeds into an unclaimed money account.

This subsection does not apply to unclaimed property so far as the property consists of an investment made as permitted by subsection 142(2) of the Australian Securities and Investments Commission Act 1989.

(3)

The Minister may apply as mentioned in subsection 135(1) of the Australian Securities and Investments Commission Act 1989 income derived from investing, as permitted by subsection 142(2) of that Act, money that is unclaimed property.

Note: Subsection 135(1) of the Australian Securities and Investments Commission Act 1989 provides for how the Commission may apply its own money.

(4)

If income is applied under subsection (3), a person is not liable to another person in respect of the income merely because the other person is entitled to money in an unclaimed money account.