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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1339

ASIC to deal with unclaimed property

(1) ASIC holds unclaimed property on trust in accordance with, and for the purposes of, this Part.

Note: Division 2 of Part 8 of the ASIC Act contains provisions about property that ASIC receives or holds on trust.

(2) If property becomes unclaimed property, ASIC must:

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

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 ASIC Act.

(3) The Minister may apply as mentioned in subsection 135(1) of the ASIC Act income derived from investing, as permitted by subsection 142(2) of that Act, money that is unclaimed property.

Note: Subsection 135(1) of the ASIC Act provides for how ASIC 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.

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