UNCLAIMED MONEY ACT 1995 - SECT 8A
Enterprise must first make reasonable efforts to ensure owner is paid money
UNCLAIMED MONEY ACT 1995 - SECT 8A
Enterprise must first make reasonable efforts to ensure owner is paid money
8A Enterprise must first make reasonable efforts to ensure owner is paid money
(1) An enterprise that holds any money of a kind referred to in section 8 in
an account referred to in section 7 (1) must make reasonable efforts--
(a) to
identify and locate the owner of the money, and
(b) to ensure that the money
is paid to the owner of the money.
: Maximum penalty--50 penalty units.
(2)
Money held by an enterprise in an account is not unclaimed money (despite
section 7) unless, after making reasonable efforts and after a reasonable
period has passed, the enterprise is unable to ensure that the money is paid
to the owner of the money.
(3) This section does not apply in respect of any
money that is not unclaimed money because of section 9.
