Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 69

             (1)  For the purposes of this section, unclaimed moneys means all principal, interest, dividends, bonuses, profits and sums of money legally payable by an ADI but in respect of which the time within which proceedings may be taken for the recovery thereof has expired, and includes moneys to the credit of an account that has not been operated on either by deposit or withdrawal for a period of not less than 7 years.

          (1A)  However, farm management deposits (within the meaning of the Income Tax Assessment Act 1997 ) of an owner (within the meaning of that Act) are unclaimed moneys if, and only if:

                     (a)  they are to the credit of an account with an ADI; and

                     (b)  the account has not been operated on either by deposit or withdrawal for a period of not less than 7 years; and

                     (c)  after the first 7 years of that period, the ADI has been unable to contact the owner about those farm management deposits after making reasonable efforts.

             (2)  For the purposes of subsections (1) and (1A), the debiting of a fee to an account shall be deemed not to be a withdrawal and the crediting to an account of interest payable by an ADI on that account shall be deemed not to be a deposit.

             (3)  An ADI shall, within 3 months after the 31 December in each year, deliver to the Treasurer a statement, complying with subsection (4) and any regulations under subsection (3), of all sums of unclaimed moneys, other than unclaimed moneys held in RSAs (within the meaning of the Retirement Savings Accounts Act 1997 ) or FHSAs (within the meaning of the First Home Saver Accounts Act 2008 ), of not less than $100 or such higher amount as is prescribed.

Note:          The First Home Saver Accounts Act 2008 deals with unclaimed money held in FHSAs.

       (3AA)  The ADI is guilty of an offence if:

                     (a)  it does not give the Treasurer a statement as required by subsection (3); and

                     (b)  there is no determination in force under section 11 that this subsection does not apply to the ADI.

Penalty:  50 penalty units.

Note 1:       Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:       If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

          (3A)  The regulations may require the statement to be delivered in a specified form in a specified kind of disk, tape, film or other medium.

             (4)  The statement shall set out:

                     (a)  the name, and the last-known address, of each shareholder, depositor or creditor; and

                     (b)  the amount due; and

                     (c)  in the case of moneys to the credit of an account--the office or branch of the ADI at which the account was kept.

             (5)  The total amount shown in the statement shall be paid by the ADI to the Commonwealth at the time of the delivery of the statement.

          (5A)  The ADI is guilty of an offence if:

                     (a)  it does not pay, at the time of the delivery of the statement, the amount specified in the statement, as required by subsection (5); and

                     (b)  there is no determination in force under section 11 that this subsection does not apply to the ADI.

Penalty:  50 penalty units.

Note 1:       Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:       If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

             (6)  Subject to subsection (7), an ADI is, upon payment to the Commonwealth of an amount as required by this section, discharged from further liability in respect of that amount.

             (7)  Where unclaimed moneys have been paid to the Commonwealth under this section and the Treasurer or an authorized officer is satisfied that, but for subsection (6), a person would be paid those unclaimed moneys by the ADI by which they were paid to the Commonwealth (or, if that ADI is no longer carrying on banking business, by an ADI to which the business of the first-mentioned ADI has been sold or disposed of), those unclaimed moneys shall be paid to that ADI and the ADI shall thereupon pay those moneys to that person.

          (7A)  The ADI is guilty of an offence if:

                     (a)  it does not pay moneys to a person as required by subsection (7); and

                     (b)  there is no determination in force under section 11 that this subsection does not apply to the ADI.

Penalty:  50 penalty units.

Note 1:       Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:       If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

             (8)  The Consolidated Revenue Fund is appropriated for the purposes of, and to the extent necessary to give effect to, subsection (7).

             (9)  The Treasurer shall cause particulars of every sum shown in a statement delivered under this section to be:

                     (a)  published in the Gazette ; or

                     (b)  made available to the public (whether or not on the payment of a fee) in such other manner as the Treasurer determines.

           (11)  The Treasurer or an ADI may apply to the Federal Court of Australia for a declaration whether any moneys are or are not unclaimed moneys within the meaning of this section and the Federal Court of Australia may make a declaration accordingly.

        (11A)  It is the intention of the Parliament that a law of a State or Territory has no effect insofar as it requires an ADI to:

                     (a)  pay unclaimed moneys to, or to an authority of, a State or Territory; or

                     (b)  lodge a return relating to unclaimed moneys with, or with an authority of, a State or Territory.

        (11B)  The Treasurer may, by instrument in writing, delegate any of his of her functions or powers under this section to:

                     (a)  a Commonwealth authority for which the Treasurer is the responsible Minister; or

                     (b)  a member, or staff member, of such an authority.

In this section, Commonwealth authority and responsible Minister have the respective meanings given by the Commonwealth Authorities and Companies Act 1997 .

        (11C)  The reference to the Treasurer in paragraph (3AA)(a) is to be read as including a reference to the authority or person to whom the Treasurer has delegated his or her function under subsection (3).

           (12)  In this section:

"authorized officer" , means the Secretary of the Department of the Treasury or an officer of that Department authorized by the Secretary to act under this section.