Western Australian Current Acts Western Australian Current Acts (1) Amounts received
by the transferor under this Division must be paid into a financial
institution account established for the purpose of depositing those amounts,
and the amounts, and any other consideration received, are to be held by the
transferor in trust for the persons entitled to the shares in relation to
which the amounts and other consideration were received.
(2) If an amount or
other property received by the transferor under this Division has been held in
trust by the transferor for a person for at least 2 years, the transferor must
pay the amount or transfer the consideration, and any accretions to it and any
property that may become substituted for it or for part of it, to the
Registrar.
(3) Anything paid or
transferred to the Registrar under subsection (2) is declared to be applied
Corporations legislation matter for the purposes of the
Corporations (Ancillary Provisions) Act 2001 Part 3 in relation to the
provisions of the Corporations Act Part 9.7, subject to the following
modifications —
(a) a
reference in the provisions to unclaimed property is to be read as a reference
to the thing paid or transferred to the Registrar under subsection (2);
[(b), (c) deleted]
(d) any
other modifications, within the meaning of the Corporations (Ancillary
Provisions) Act 2001 Part 3, that are prescribed by the regulations.
(4) The transferor
must comply with subsection (2) before the end of 10 years after the day on
which the amount was paid, or the consideration was allotted or transferred,
to the transferor.
[Section 359 amended: No. 7 of 2016 s. 123.]