New South Wales Consolidated Acts

UNCLAIMED MONEY ACT 1995 - SECT 7

7 Unclaimed money

(1) For the purposes of this Act, money is "unclaimed money" if it is money of a kind referred to in section 8 that an enterprise holds in an account that has not been operated on for at least:

(a) 6 years, or

(b) such shorter period:

(i) as may be prescribed by the regulations (being a period of not less than 2 years), or

(ii) as may be approved, in relation to a particular enterprise, by the Chief Commissioner at the request of the enterprise (being a period of not less than 12 months).

(2) The account may include:

(a) money whose owner is not identifiable, and

(b) money owned jointly or severally by 2 or more persons.