Victorian Consolidated Legislation

Financial Sector Reform (Victoria) Act 1999 - SECT 47

Dormant accounts

47. Dormant accounts



(1) This section applies if-

   (a)  before the transfer date a society transferred an amount from a
        person's deposit account with a society to another account under
        section 138A(4)(c) of the Financial Institutions Code; and

   (b)  immediately before the transfer date the amount has not been lawfully
        totally paid out as mentioned in section 138A(6)(b) of that Code.

(2) Immediately before the transfer date the amount remaining in the other
account for the person is taken to have been transferred back to the person's
deposit account as if it had never been classified as a dormant account or
closed under section 138A of the Financial Institutions Code.