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UNCLAIMED MONEY ACT 2008
TABLE OF PROVISIONS
PART 1--PRELIMINARY
1. Purpose
2. Commencement
3. Definitions
PART 2--ADMINISTRATION
4. Registrar of Unclaimed Money
5. Deputy Registrar of Unclaimed Money
6. Delegation
7. Provision of staff
8. Use of consultants and contractors
9. Authorised officers
10. Identity cards
PART 3--BUSINESS AND TRUSTEES
Division 1--Obligations of business in respect of unclaimed money
11. Business to keep business register
12. Payment of unclaimed money to Registrar and lodgement of return
Division 2--Obligations of trustees in respect of unclaimed trust property
13. Definitions
14. Unclaimed trust property
15. Application for extension of time by trustee
16. Registrar's decision in respect of extension of time application
Division 2A--Consideration obtained by compulsory acquisition of shares under Co‑operatives National Law (Victoria)
16A. Divisions 1 and 2 do not apply to consideration obtained by co-operative
--Divisions 1 and 2 do not apply to consideration that has been obtained by a co‑operative, within the meaning of the Co‑operatives National Law (Victoria), through a compulsory acquisition of shares while that consideration is held by the co‑operative.
16B. Application of Act to Registrar of Co‑operatives
Division 3--Offences for failure to meet obligations in respect of unclaimed money
17. Requirements of business in respect of business register
18. Requirements of business in respect of payment to Registrar and lodgement of return
19. Obligations of trustee in respect of unclaimed trust property
20. Requirement to keep proper records
21. Inclusion of false or misleading information in records
22. Accessibility of records
23. Form of record—English language
24. Period of retention
25. Giving false or misleading information to an authorised person
26. Offences by officers of bodies corporate
26A. Criminal liability of officers of bodies corporate—accessorial liability
26B. Criminal liability of officers of bodies corporate—failure to exercise due diligence
27. Offences by partnership or unincorporated association
PART 4--REGISTRAR'S OBLIGATIONS AND POWERS IN RESPECT OF UNCLAIMED MONEY
Division 1--Registrar's obligations in respect of unclaimed money
28. Unclaimed money register
29. Business or trustee may apply for repayment of unclaimed money
30. Determination of application by Registrar
31. Business or trustee cannot make application in certain circumstances
32. Registrar may repay unclaimed money not required to be paid to the Registrar
33. Registrar may pay owner
33A. Giving false or misleading information to the Registrar
34. Registrar may recover an amount payable as debt due to the State
35. Registrar may enter into arrangement with business or trustee
Division 2--Assessment and reassessment
36. General power to make assessment
37. Reassessment
38. Information on which assessment or reassessment is made
39. Withdrawal of assessment or reassessment
40. Notice of assessment or reassessment or withdrawal of assessment or reassessment
41. Inclusion of interest and penalty in notice of assessment or reassessment
42. Validity of assessment or reassessment
Division 3--Interest
43. Interest in respect of default by business or trustee
44. Interest rate
45. Minimum amount of interest
46. Interest rate to prevail over interest otherwise payable on a judgment debt
47. Remission of interest
Division 4--Penalty
48. Penalty in respect of certain defaults
49. Amount of penalty
50. Reduction in penalty for disclosure before or during investigation
51. Increase in penalty for concealment
52. Minimum amount of penalty
53. Time for payment of penalty
54. Remission of penalty
Division 5--Interest and penalty not to be deducted from unclaimed money
55. Interest or penalty not to be deducted from unclaimed money payable to an owner or the Registrar
PART 5--OBJECTIONS, REVIEWS AND APPEALS
Division 1--Objections, reviews and appeals
56. Objections
57. Determination of objection
58. Suspension of determination
59. Right of review or appeal
60. Request for further and better particulars
61. Grounds of review or appeal
62. Onus on review or appeal
63. Referral to VCAT
64. Court appeals
65. Giving effect to decision on review or appeal
Division 2--Refund of amounts and payment of interest following a successful objection, review or appeal
66. Refund of amount
67. Payment of interest
PART 6--INVESTIGATION, SECRECY AND GENERAL UNCLAIMED MONEY PROVISIONS
Division 1--Investigations
68. Authorised investigations
69. Power of investigation
70. Powers of entry, search and inspection
71. Search warrant
72. Announcement before entry
73. Copy of warrant to be given to occupier
74. Protection against self-incrimination
75. Cross-border investigation
Division 2--Secrecy
76. Prohibition on certain disclosures of information by authorised persons
77. Permitted disclosures to particular persons
78. Permitted disclosures of a general nature
79. Prohibition on secondary disclosures of information
80. Further restrictions on disclosure
Division 3--General unclaimed money provisions
81. Persons not required by this Act may pay unclaimed money to Registrar
82. Person to whom section 81 applies may apply to Registrar for repayment of unclaimed money
83. Evidence of assessment or reassessment
84. Certificate is evidence
85. Time for commencing proceedings for offences under this Act extended
PART 7--MONEY PAID INTO COURT
86. Money paid into Court
87. Payment of unclaimed money into Court into Consolidated Fund
88. Proper officer may convert security and Court may make vesting orders
89. Provision for claims made after payment into Consolidated Fund
PART 8--UNCLAIMED SUPERANNUATION BENEFITS
90. Definitions
91. Application of Part
92. Power of Minister to pay or refund amounts
93. Register of unclaimed superannuation benefits
94. Registrar may advertise details of unclaimed superannuation benefits
95. Transfer of existing stock of unclaimed superannuation benefits to Commonwealth
PART 9--GENERAL
96. Actions done in good faith
97. Trustee not in breach of trust
98. The Consolidated Fund
99. Service of documents on Registrar
101. Service of documents by Registrar
102. When is service effective?
103. Regulations
PART 10--REPEAL, TRANSITIONAL AND AMENDMENT PROVISIONS
104. Repeal and transitional provisions
105. Transitional provision—Statute Law Amendment (Directors' Liability) Act 2013
ENDNOTES
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