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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
Unclaimed Moneys (Amendment) Act 1997
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purpose 1
2. Commencement 2
3. Principal Act 2
PART 2--RETIREMENT SAVINGS ACCOUNTS 3
4. New Part 5 inserted 3
PART 5--UNCLAIMED RSA MONEY 3
27. Definitions 3
28. Application of Part 3
29. Statement of unclaimed RSA money 3
30. Payment of unclaimed RSA money 4
31. Power of Minister to refund amounts 5
32. Register of unclaimed RSA money 6
33. Discharge of liability 6
34. Penalty 6
5. Consequential amendments 6
PART 3--OTHER AMENDMENTS TO PRINCIPAL ACT 8
6. New section 3 substituted 8
3. Definitions 8
7. Further amendment of Parts 1 and 2 8
8. Registrar of Unclaimed Moneys 8
9. New section 10A inserted 9
10A. Registrar may appoint agents 9
10. Amendment of Principal Act 9
11. New section 18 substituted 9
18. Application of Part 10
12. Further amendment of Principal Act 10
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Clause Page
13. New First Schedule inserted 10
FIRST SCHEDULE 11
NOTES 12
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PARLIAMENT OF VICTORIA
A BILL
to amend the Unclaimed Moneys Act 1962 and for other purposes.
Unclaimed Moneys (Amendment) Act
1997
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purpose
The purpose of this Act is--
(a) to provide for the payment of certain
5 unclaimed retirement savings account money
into the Consolidated Fund instead of to the
Commonwealth Commissioner of Taxation
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Unclaimed Moneys (Amendment) Act 1997
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Act No.
under the Retirement Savings Accounts Act
1997 of the Commonwealth;
(b) to enable the Registrar of Unclaimed
Moneys to appoint agents;
5 (c) to make miscellaneous amendments to the
Unclaimed Moneys Act 1962.
2. Commencement
(1) This Act (except section 11) comes into operation
on the day on which it receives the Royal Assent.
10 (2) Section 11 is deemed to have come into operation
on 11 June 1997.
3. Principal Act
No. 6879. In this Act, the Unclaimed Moneys Act 1962 is
Reprint No. 1
called the Principal Act.
as at 1
January 1997.
Further
amended by
Nos 84/1996
and 51/1997.
15 _______________
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Unclaimed Moneys (Amendment) Act 1997
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Act No.
PART 2--RETIREMENT SAVINGS ACCOUNTS
4. New Part 5 inserted
After Part 4 of the Principal Act insert--
'PART 5--UNCLAIMED RSA MONEY
5 27. Definitions
In this Part--
"Commonwealth Act" means the
Retirement Savings Accounts Act 1997
of the Commonwealth;
10 "half-year" means a period of 6 months
ending on 30 June or 31 December;
"Registrar" means the Registrar of
Unclaimed Moneys within the meaning
of section 10;
15 "RSA" has the same meaning as in section 8
of the Commonwealth Act;
"RSA provider" has the same meaning as
in section 12 of the Commonwealth
Act;
20 "unclaimed RSA money" means an amount
that, under Part 8 of the
Commonwealth Act, as modified for
the time being under Part 15 of that
Act, is taken to be unclaimed money.
25 28. Application of Part
This Part applies to an RSA provider that has
its registered office (within the meaning of
the Corporations Law) in Victoria.
29. Statement of unclaimed RSA money
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(1) An RSA provider must give to the Registrar
a statement in a form and manner approved
by the Registrar of all unclaimed RSA
money held in RSAs provided by the RSA
5 provider as at 30 June 1998 and as at the end
of each subsequent half-year.
(2) The RSA provider must give the statement--
(a) in relation to a half-year ending on
30 June, on or before the following
10 31 October;
(b) in relation to a half-year ending on
31 December, on or before the
following 30 April--
or on such later date as the Registrar
15 approves by notice given to the RSA
provider whether before or after 31 October
or 30 April, as the case requires.
(3) If, after the end of a half-year and before the
statement is given to the Registrar, the RSA
20 provider pays any of the unclaimed RSA
money to a person who is entitled to it, the
statement must contain such particulars
relating to the amounts paid as are required
by the form approved under sub-section (1).
25 (4) An approval by the Registrar of a form of
statement for the purposes of sub-section (1)
may require or permit the statement to be
given on a specified kind of data processing
device in accordance with specified software
30 requirements.
30. Payment of unclaimed RSA money
An RSA provider, when giving the statement
under section 29, must pay to the Registrar,
for payment into the Consolidated Fund, an
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amount calculated in accordance with the
formula A-B where--
A is the amount specified in the
statement provided in accordance with
5 section 29(1);
B is the sum of the amounts specified in
the statement in accordance with
section 29(3).
31. Power of Minister to refund amounts
10 (1) If--
(a) any unclaimed RSA money has been
paid to the Registrar under this Part;
and
(b) the Minister is satisfied on application
15 made by a person in the form approved
by the Registrar, that, if this Part and
Part 8 of the Commonwealth Act had
not been enacted, that person would
have been paid that unclaimed RSA
20 money by the RSA provider by whom
it was paid to the Registrar--
the Minister must pay an amount equal to the
amount of that unclaimed RSA money to that
person.
25 (2) If an RSA provider, after paying an amount
to the Registrar under this Part, satisfies the
Minister that the amount so paid exceeds the
amount that the RSA provider would have
paid to the person concerned, the Minister
30 must refund to the RSA provider the amount
of the excess.
(3) The Consolidated Fund is appropriated to the
extent necessary for the purposes of this
section.
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32. Register of unclaimed RSA money
(1) The Registrar must keep a register of
unclaimed RSA money paid to the Registrar
under this Part.
5 (2) The register may be in such form, and kept
in such manner, as the Registrar determines
but must include--
(a) particulars of unclaimed RSA money
paid by an RSA provider to the
10 Registrar under this Part; and
(b) particulars of the holder of each RSA in
respect of which there is unclaimed
RSA money.
33. Discharge of liability
15 An RSA provider is, upon payment to the
Registrar of an amount as required by this
Part, discharged from further liability in
respect of that amount.
34. Penalty
20 An RSA provider must not intentionally or
recklessly contravene this Part.
Penalty: in the case of a natural person,
100 penalty units;
in the case of a body corporate,
25 500 penalty units.'.
5. Consequential amendments
In the Principal Act--
(a) in section 9(2), for "Part 4" substitute "Parts
4 and 5,";
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(b) in section 13A(5), in the definition of
"property", after "Part 4" insert "or
unclaimed RSA money within the meaning
of Part 5".
5 _______________
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Unclaimed Moneys (Amendment) Act 1997
s. 6
Act No.
PART 3--OTHER AMENDMENTS TO PRINCIPAL ACT
6. New section 3 substituted
For section 3 of the Principal Act substitute--
'3. Definitions
5 In this Act--
"data processing device" means any article
or material (including a disk) from
which information is capable of being
reproduced with or without the aid of
10 any other article or device.'.
7. Further amendment of Parts 1 and 2
In the Principal Act--
(a) in section 5--
(i) for "no one shall be" substitute "a
15 person is not";
(ii) for "him" (where twice occurring)
substitute "the first person";
(b) in section 7--
(i) for "sub-section (1) of the last
20 preceding section" substitute "section
6(1)";
(ii) for "sub-section (2) of the last
preceding section" (where twice
occurring) substitute "section 6(2)";
25 (c) in section 8(2), for "Treasurer he" substitute
"Minister, the Minister".
8. Registrar of Unclaimed Moneys
In section 10 of the Principal Act--
(a) for "Treasurer" (wherever occurring)
30 substitute "Minister";
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(b) for "Treasury" (where twice occurring)
substitute "public service";
(c) for "Part" (wherever occurring) substitute
"Act".
5 9. New section 10A inserted
After section 10 of the Principal Act insert--
"10A. Registrar may appoint agents
The Registrar, with the approval of the
Minister, may appoint agents to assist in the
10 carrying out of the duties and functions of
the Registrar.".
10. Amendment of Principal Act
In the Principal Act--
(a) in section 12(1)--
15 (i) in paragraph (a) for "sub-section (3) of
section eleven of this Act" substitute
"section 11(3)";
(ii) in paragraph (b) for "sub-section (1) of
section eleven of this Act" substitute
20 "section 11(1)";
(iii) omit "at the Treasury in Melbourne";
(b) in section 13(2)--
(i) for "he" substitute "he or she";
(ii) for "prescribed form" substitute "form
25 of the First Schedule".
(c) in section 13(3) for "he" (wherever
occurring) substitute "he or she";
(d) in section 14, for "Treasurer" (wherever
occurring) substitute "Minister".
30 11. New section 18 substituted
For section 18 of the Principal Act substitute--
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Unclaimed Moneys (Amendment) Act 1997
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"18. Application of Part
This Part applies to a fund and the trustee of
a fund if--
(a) the trustee is a corporation within the
5 meaning of the Corporations Law and
its registered office within the meaning
of that Law is in Victoria; or
(b) in the case of a trustee of a fund who is
a natural person, the principal place
10 where the trustee carries on business as
such a trustee is in Victoria; or
(c) in the case of an exempt public sector
superannuation scheme, the principal
place where the fund is administered is
15 in Victoria; or
(d) where there are 2 or more trustees of
the fund and paragraph (a) or (b)
applies to one or more but not to all the
trustees, the principal place where the
20 fund is administered is in Victoria.".
12. Further amendment of Principal Act
(1) After section 19(3) of the Principal Act insert--
"(4) An approval by the Registrar of a form of
statement for the purposes of sub-section (1)
25 may require or permit the statement to be
given on a specified kind of data processing
device in accordance with specified software
requirements.".
(2) In section 21 of the Principal Act for "Treasurer"
30 (wherever occurring) substitute "Minister".
13. New First Schedule inserted
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Unclaimed Moneys (Amendment) Act 1997
Act No.
Before the Second Schedule to the Principal Act
insert--
"FIRST SCHEDULE
Section 13(2)
5 DECLARATION OF SECRECY
I, [insert name] , of [insert address] , declare that, except for the purposes of
Part 3 of the Unclaimed Moneys Act 1962 or in the course of any criminal
proceeding, I will not divulge or communicate to any person or make a
record of any information that, by reason of an inspection made by me under
10 that Part, I have acquired from any book, register, record or document.
Declared at
on
[signature] ".
15
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Unclaimed Moneys (Amendment) Act 1997
Notes
Act No.
NOTES
By Authority. Government Printer for the State of Victoria.
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