UNCLAIMED MONEY ACT 1995 - SECT 9C
Unclaimed trust money held by former licensee or personal representative
UNCLAIMED MONEY ACT 1995 - SECT 9C
Unclaimed trust money held by former licensee or personal representative
9C Unclaimed trust money held by former licensee or personal representative
(1) Money held in a trust account by a former licensee or the personal
representative of a deceased licensee is
"unclaimed money" for the purposes of this Act but section 10 does not apply
to the money.
(2) A former licensee, or the personal representative of a
deceased licensee, who holds unclaimed money must within the required time for
compliance with this section--
(a) lodge with the Chief Commissioner a return
relating to the unclaimed money in a form approved by the Chief Commissioner,
and
(b) pay the amount of the unclaimed money to the Chief Commissioner.
(3)
The required time for compliance with this section is 3 months after the date
on which the person ceased to be a licensee or became the personal
representative of the deceased licensee (or such longer period as the Chief
Commissioner may in a particular case allow).
(4) The Chief Commissioner is
to pay money received under this section into the Consolidated Fund.
(5) A
former licensee, or the personal representative of a deceased licensee, who
fails to comply with this section is guilty of an offence and is liable--
(a)
to a penalty not exceeding 50 penalty units, and
(b) to a further penalty not
exceeding 5 penalty units for each day after the period within which he or she
was required to comply during which the failure continues.
