Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1339

             (1)  Unclaimed property held by ASIC is to be dealt with in accordance with this Part.

Note:          Unclaimed property is held by ASIC for and on behalf of the Commonwealth (see subsections 8(3) and (4) of the ASIC Act).

             (2)  If property becomes unclaimed property, ASIC must:

                     (a)  in the case of money--credit the amount of the money to the Companies and Unclaimed Moneys Special Account; or

                     (b)  otherwise--sell or dispose of the property as it thinks fit and credit the amount of the proceeds to the Companies and Unclaimed Moneys Special Account.