Victorian Consolidated Legislation

UNCLAIMED MONEY ACT 2008

No. 44 of 2008
Version as at 1 January 2009

TABLE OF PROVISIONS

           Section Page

   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 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 persons involved in management of bodies
           corporate
   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
   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
   100.    Day of service of document or payment of money
   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.    Amendments to the Victorian Civil and Administrative Tribunal Act 1998.
           Registrar in some circumstances

   PART 11-CONSEQUENTIAL AMENDMENTS

   106.    Amendments to the Disposal of Uncollected Goods Act 1961.
   107.    Amendment to the Domestic (Feral and Nuisance) Animals Act 1994.
   108.    Amendment to the Environment Protection Act 1970.
   109.    Amendments to the Estate Agents Act 1980.
   110.    Amendment to the Financial Management Act 1994.
   111.    Amendment to the Impounding of Livestock Act 1994.
   112.    Amendment to the Infringements Act 2006.
   113.    Amendments to the Landlord and Tenant Act 1958.
   114.    Amendments to the Residential Tenancies Act 1997.
   115.    Amendments to the Transport Act 1983.
   116.    Amendments to the Warehousemen's Liens Act 1958.

   PART 12-REPEAL

   117.    Repeal of section 105, Part 11 and this Part
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           ENDNOTES
           1. General Information
           2. Table of Amendments
           3. Explanatory Details