Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Amounts received
by the transferor under this Division must be paid into a financial
institution account established for the purpose of depositing those amounts,
and the amounts, and any other consideration received, are to be held by the
transferor in trust for the persons entitled to the shares in relation to
which the amounts and other consideration were received.
(2) If an amount or
other property received by the transferor under this Division has been held in
trust by the transferor for a person for at least 2 years, the transferor
must pay the amount or transfer the consideration, and any accretions to it
and any property that may become substituted for it or for part of it, to the
Registrar.
(3) Anything paid or
transferred to the Registrar under subsection (2) is declared to be
applied Corporations legislation matter for the purposes of the
Corporations (Ancillary Provisions) Act 2001 Part 3 in relation to
the provisions of the Corporations Act Part 9.7, subject to the following
modifications —
(a) a
reference in the provisions to unclaimed property is to be read as a reference
to the thing paid or transferred to the Registrar under subsection (2);
(b) a
reference in the provisions to ASIC is to be read as a reference to the
Registrar;
(c) a
reference in the provisions to the Commonwealth is to be read as a reference
to this State;
(d) any
other modifications, within the meaning of the Corporations (Ancillary
Provisions) Act 2001 Part 3, that are prescribed by the regulations.
(4) The transferor
must comply with subsection (2) before the end of 10 years after the
day on which the amount was paid, or the consideration was allotted or
transferred, to the transferor.