Companies (Unclaimed Assets And Moneys) Act 1963 (NT)
NORTHERN TERRITORY OF AUSTRALIA
COMPANIES (UNCLAIMED ASSETS AND MONEYS) ACT 1963
As in force at 21 December 2022
northern territory of australia
As in force at 21 December 2022
COMPANIES (UNCLAIMED ASSETS AND MONEYS) act 1963
An Act relating to unclaimed assets in the hands of liquidators of companies and unclaimed moneys held by companies
This Act may be cited as the
This Act shall come into operation on the day on which the
In this Act:
(a) a company incorporated or taken to be incorporated under the Corporations Act 2001; or
(b) a co-operative registered under the
Co-operatives (National Uniform Legislation) Act 2015 .
Note for section 5
The Interpretation Act 1978 contains definitions and other provisions that may be relevant to this Act.
(1) If a liquidator of a company has in the liquidator’s hands or under the liquidator’s control either of the following amounts, the liquidator must immediately pay the amount to the Treasurer, and give the Treasurer full particulars of the amount:
(a) a dividend, or moneys, that have remained unclaimed for more than 6 months from the date when the dividend or moneys became payable;
(b) an unclaimed or undistributed amount arising from the property of the company after a final distribution is made.
(2) The Minister may authorise an employee to give a receipt to a liquidator in respect of moneys paid under subsection (1).
(3) A receipt given to the liquidator by an authorised employee is an effectual discharge of moneys paid under subsection (1).
(4) On the application of the Chief Executive Officer, the Supreme Court may do any of the following:
(a) order a liquidator to provide to the Court by affidavit an account of any unclaimed or undistributed funds or dividends in the liquidator’s hands or under the liquidator’s control;
(b) order an audit of an account mentioned in paragraph (a);
(c) order the liquidator to pay to the Treasurer some or all of the amounts mentioned in paragraph (a).
(5) The Treasurer must pay all moneys paid to the Treasurer under this section into the Northern Territory Government Account.
(1) A person claiming to be entitled to any money paid to the Treasurer under this Part may apply to the Supreme Court for an order for payment to him of any sum due to him, and the Court, if satisfied that the person claiming is so entitled, shall make an order for the payment accordingly.
(2) Upon the making of an order under subsection (1) for payment of any money to a person, or where he is otherwise satisfied that a person is entitled to any money paid to the Treasurer under this Part, the Treasurer shall pay an amount equal to that money to that person.
(3) The provisions of this section shall not, except as expressly declared in this Act, deprive any person of any other right or remedy to which he is entitled against the liquidator or any other person.
(1) In this Part:
unclaimed moneys , in relation to a company, means moneys in respect of deposits with, or securities of, the company, and dividends, bonuses, profits or other moneys payable to a member of the company as such, which have become legally payable by the company, whether before or after the date of commencement of this Act, but the recovery whereof becomes barred by operation of law after the date of commencement of this Act, or has become so barred on or after 1 January last preceding that date.(2) For the purposes of this Act, where any moneys are or were payable upon demand or upon notice, demand shall be deemed to have been made, or the requisite notice to have been given, at the earliest date upon which it could have been given, and the laws relating to limitation of actions shall be deemed to have applied accordingly.
(1) Where, in the year which commenced on 1 January last preceding the date of commencement of this Act or in any subsequent year, any moneys payable by a company have become unclaimed moneys, the company shall, on or before 31 January next following the end of that year, enter, in an alphabetical register kept, in respect of that year, by the company at its head or principal office in the Territory, in the form set out in Schedule 1, particulars of those unclaimed moneys.
(2) The company shall, on payment or tender of a fee of 20 cents permit any person to inspect, at that head or principal office during the hours within which the company transacts its ordinary business, all registers kept by the company under this section.
(3) Where, at any time, a company pays any moneys entered in any such register to the person entitled thereto, the company may delete from the register the entry relating to those moneys.
A company which compiles a register in respect of a year in pursuance of section 9 shall, on or before the last day of February next following the end of that year, forward a copy of that register to the Treasurer for publication by him in the
A company shall not fail to comply with any of the provisions of section 9 or 10.
Maximum penalty: $4 for every day during which failure continues.
(1) All unclaimed moneys which have been entered in a register in pursuance of section 9 and which have not been paid by the company to the person entitled thereto within one year after the publication of a copy of the entry in the
Gazette shall be paid by the company to the Treasurer within one month after the end of that year.(2) The company shall thereafter be relieved from all further liability in respect of the moneys so paid.
(3) The Treasurer shall pay all moneys paid to him in pursuance of this section into the Northern Territory Government Account.
A company shall not fail to pay any moneys to the Treasurer as required by this Part.
Maximum penalty: $4 for every day during which the failure continues.
(1) The Treasurer may, at any time after receipt of a copy of a register in pursuance of section 10, examine any of the accounts relating to the unclaimed moneys referred to in that register, and may for that purpose require the production before him, or before such person as he appoints, of any book, voucher or document referring to those moneys, and if any error is found in the register or copy, he may direct the register or copy, or both of them, to be amended.
(2) The Treasurer may cause to be examined the books and accounts of a company not furnishing a return of unclaimed moneys.
(3) A person shall not refuse or fail to comply with a requirement made of him in or for the purpose of the exercise of the powers conferred by this section.
Maximum penalty: 1.7 penalty units.
(4) An offence of contravening or failing to comply with subsection (3) is a regulatory offence.
Where the Treasurer is satisfied that a person is entitled to any moneys paid to the Treasurer in pursuance of section 12, he shall pay an amount equal to those moneys to that person.
This Part shall not apply to any unclaimed moneys which are required by any law of the Commonwealth or of the Territory to be dealt with in a manner other than that prescribed by this Act.
section 9
Company
Register of unclaimed moneys which became statute-barred during the year 19 .
Name of Owner of Books | Total Amount due to Owner | Description of Unclaimed Moneys | Date of Last Claim |
section 10
NORTHERN TERRITORY OF AUSTRALIA
Companies (Unclaimed Assets and Moneys) Act 1963
STATUTORY DECLARATION
I, (
(1) That I am an officer of (insert name of company).
(2) That, in accordance with the provisions of the
(3) That the register correctly and completely sets forth the particulars of all such unclaimed moneys.
(4) That the accompanying copy of the register is a true copy.
This declaration is true and I know it is an offence to make a declaration knowing it is false in a material particular.
Declared by
at
Witnessed by
[Signature of witness] ___________________________________
[Name]______________________________________________
NOTE: Making a declaration knowing it is false in a material particular is an offence for which you may be fined or imprisoned.
1 KEY
Key to abbreviations
2 LIST OF LEGISLATION
Assent date | 24 July 1963 | |
Commenced | 1 July 1963 (s 2, s 2 | |
Assent date | 11 December 1973 | |
Commenced | 11 December 1973 (s 12(2)) | |
Assent date | 26 August 1974 | |
Commenced | 11 December 1973 (s 3(2)) | |
Assent date | 24 October 1974 | |
Commenced | 11 December 1973 (s 3) | |
Assent date | 28 June 1976 | |
Commenced | ss 1, 2 and 6: 28 June 1976 (s 6(2)); ss 3 and 4: 11 December 1973; s 5: 24 October 1974 | |
Assent date | 1 July 1978 | |
Commenced | 1 July 1978 (s 8) | |
Assent date | 24 April 1980 | |
Commenced | 24 April 1980 | |
Assent date | 25 March 1981 | |
Commenced | 25 March 1981 | |
Assent date | 21 September 1981 | |
Commenced | 21 September 1981 | |
Assent date | 28 November 1983 | |
Commenced | 1 January 1984 (s 2, s 2 | |
Assent date | 30 June 1986 | |
Commenced | 1 July 1986 (s 2) | |
Assent date | 14 December 1990 | |
Commenced | 1 January 1991 (s 2, s 2 | |
Assent date | 19 April 1996 | |
Commenced | 1 July 1996 (s 2, s 2 | |
Assent date | 29 June 2001 | |
Commenced | 15 July 2001 (s 2, s 2 Corporations Act 2001 (Cth Act No. 50, 2001) and Cth | |
Assent date | 11 December 2001 | |
Commenced | 11 December 2001 | |
Assent date | 8 March 2007 | |
Commenced | 22 August 2007 ( | |
Assent date | 20 May 2010 | |
Commenced | 1 July 2010 ( | |
Assent date | 18 November 2010 | |
Commenced | 1 March 2011 (s 2, s 2 | |
Assent date | 22 May 2015 | |
Commenced | 1 July 2015 ( | |
Assent date | 1 April 2016 | |
Commenced | 1 May 2016 (s 2, s 2 | |
Assent date | 31 October 2022 | |
Commenced | pt 3: 1 February 2023; rem: 21 December 2022 ( | |
3 GENERAL AMENDMENTS
General amendments of a formal nature (which are not referred to in the table of amendments to this reprint) are made by the
4 LIST OF AMENDMENTS
lt amd No. 29, 1981, s 2
ss 1 – 2 amd No. 29, 1981, s 2
s 3 rep No. 37, 1980, s 6
s 5 amd No. 29, 1981, s 2; No. 18, 1986, s 3; No. 59, 1990, s 4; No. 17, 2001, s 21; No. 62, 2001, s 15; No. 1, 2007, s 65; No. 13, 2015, s 26; No. 21, 2022, s 52
s 6 amd No. 54, 1978, s 4; No. 1, 2007, s 66
sub No. 21, 2022, s 53
ss 7 – 8 amd No. 29, 1981, s 2
ss 9 – 10 amd No. 29, 1981, s 2; No. 91, 1981, s 2
s 11 amd No. 29, 1981, s 2; No. 12, 2010, s 3
s 12 amd No. 54, 1978, s 4
s 13 amd No. 29, 1981, s 2; No. 12, 2010, s 3
s 14 amd No. 29, 1981, s 2; No. 68, 1983, s 108; No. 12, 2010, s 3
s 16 amd No. 17, 1996, s 6
rep No. 8, 2016, s 15
s 17 amd No. 29, 1981, s 2
sch hdg om No. 29, 1981, s 2
sch 1 amd No. 29, 1981, s 2
sch 2 amd No. 29, 1981, s 2; No. 40, 2010, s 14
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