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