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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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