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TRUSTEE COMPANIES ACT 1964 - SECT 26
Unclaimed moneys
26 Unclaimed moneys
(1) All moneys which form part of any estate of which a trustee company is
executor, administrator or trustee and which remain unclaimed by the person
entitled to the same for a period of 5 years after the time when the same
became payable to that person, except where payment is restrained by
injunction of a court of competent jurisdiction, shall, together with interest
accrued thereon, be paid by the trustee company to the Treasurer to be placed
to the credit of the testamentary and trust fund, distinguishing the
particular estates in respect of which such moneys are paid.
(2) All moneys
which were paid into the Treasury and placed to the credit of the testamentary
and trust fund in accordance with directions contained in any of the Acts
repealed by this Act and which, or the residue of which, immediately before
the commencement of this Act, stood to the credit of the account in that fund
of any particular estate shall, as from such commencement, be held by the
Treasurer as if this Act had been in force at the time such moneys were so
paid in, and this Act shall apply accordingly.
(3) All moneys for the time
being in the testamentary and trust fund shall constitute one common fund and
shall be available for investment as provided in this section.
(4) The
Treasurer may from time to time invest the moneys to the credit of the
testamentary and trust fund in: (a) any Government debentures, stock or
securities of the Commonwealth of Australia, or
(b) any debentures stock or
securities guaranteed by the State of New South Wales.
(5) Interest received from investments from the common fund shall be credited
to an account to be called the "interest account" within the testamentary and
trust fund. Moneys for the time being in the interest account shall be kept
separately from the common fund but may be invested in any of the investments
authorised by subsection (4).
(6) The Treasurer shall determine from time to
time the amount of interest which shall be allowed on the balances at credit
of the account of any estate in the testamentary and trust fund and any such
determination shall have regard to the interest earned by the testamentary and
trust fund, and to the period during which such balances were included in that
fund.
(7) All debentures, stock and securities constituting investments by
the Treasurer under subsection (4) shall be purchased by the Treasurer as such
without any name, addition or description and in all transfers of the
debentures, stock and securities the Treasurer shall be so styled without any
name, addition or description.
(7A) The Treasurer shall not pay over any
money or sign any transfer of debentures, stock or securities standing to the
credit of the testamentary and trust fund except in accordance with section 27
(2) or (4).
(7B) The Treasurer may realise any investments made under the
authority of this section for the purpose of granting an application, or
complying with an order of the Court, under section 27.
(8) Each
trustee company shall at intervals of 6 months deliver to the Treasurer a
statement of all unclaimed moneys as defined in subsection (1) which during
the preceding 6 months have been in its hands, setting out: (a) the estates in
respect of which the same have been received, and
(b) the dates and amounts
of the payments of the same to the Treasurer under this section.
(9) If the
unclaimed moneys referred to in subsection (8) or any part thereof have not
been paid to the Treasurer with a statement of the reason for the delay of
such payments, or if default is made by the trustee company in compliance with
the provisions of this section, the trustee company shall be liable to a
penalty not exceeding 0.1 penalty unit for every day while such default
continues, and every director, manager or assistant manager of the
trustee company who knowingly and wilfully authorises or permits such default
shall incur the like penalty.
(10) The period of 5 years referred to in
subsection (1) and the period of 6 months referred to in subsection (8)
respectively include a period before or after or partly before and partly
after the commencement of this Act.
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