Untitled document

Unclaimed Moneys (Amendment) Act 1997

Act No. 92/1997

TABLE OF PROVISIONS

Section	Page
PART 1—PRELIMINARY	1

1.	Purpose	1
2.	Commencement	2
3.	Principal Act	2

PART 2—RETIREMENT SAVINGS ACCOUNTS 3

4.	New Part 5 inserted	3
PART 5—UNCLAIMED RSA MONEY	3
27. Definitions	3
28. Application of Part	3
29. Statement of unclaimed RSA money	3
30. Payment of unclaimed RSA money	4
31. Power of Minister to refund amounts	5
32. Register of unclaimed RSA money	6
33. Discharge of liability	6
34. Penalty	6
5.	Consequential amendments	6

PART 3—OTHER AMENDMENTS TO PRINCIPAL ACT 8

6.	New section 3 substituted	8
3. Definitions	8
7.	Further amendment of Parts 1 and 2	8
8.	Registrar of Unclaimed Moneys	8
9.	New section 10A inserted	9
10A. Registrar may appoint agents	9
10.	Amendment of Principal Act	9
11.	New section 18 substituted	9
18. Application of Part	10
12.	Further amendment of Principal Act	10

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Section Page

13.	New First Schedule inserted	10
FIRST SCHEDULE	11

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NOTES 12

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Victoria

No. 92 of 1997

Unclaimed Moneys (Amendment) Act

1997†

[Assented to 9 December 1997]

The Parliament of Victoria enacts as follows:

PART 1—PRELIMINARY

1. Purpose

The purpose of this Act is—

(a) to provide for the payment of certain unclaimed retirement savings account money into the Consolidated Fund instead of to the Commonwealth Commissioner of Taxation

Unclaimed Moneys (Amendment) Act 1997

Act No. 92/1997 s. 2

under the Retirement Savings Accounts Act

1997 of the Commonwealth;

(b)	to enable the Registrar of Unclaimed Moneys to appoint agents;
(c)	to make miscellaneous amendments to the Unclaimed Moneys Act 1962.

2. Commencement

(1) This Act (except section 11) comes into operation
on the day on which it receives the Royal Assent.

(2) Section 11 is deemed to have come into operation

on 11 June 1997.

3. Principal Act

In this Act, the Unclaimed Moneys Act 1962 is	No. 6879. Reprint No. 1
called the Principal Act.	as at 1 January 1997.
Further amended by
Nos 84/1996 and 51/1997.

_______________
Unclaimed Moneys (Amendment) Act 1997

s. 4 Act No. 92/1997

PART 2—RETIREMENT SAVINGS ACCOUNTS

4. New Part 5 inserted

After Part 4 of the Principal Act insert—

'PART 5—UNCLAIMED RSA MONEY

27. Definitions
In this Part—
"Commonwealth Act" means the

Retirement Savings Accounts Act 1997

of the Commonwealth;

"half-year" means a period of 6 months

ending on 30 June or 31 December;

"Registrar" means the Registrar of

Unclaimed Moneys within the meaning
of section 10;

"RSA" has the same meaning as in section 8 of the Commonwealth Act;

"RSA provider" has the same meaning as

in section 12 of the Commonwealth
Act;

"unclaimed RSA money" means an amount

that, under Part 8 of the
Commonwealth Act, as modified for
the time being under Part 15 of that
Act, is taken to be unclaimed money.

28.

Application of Part its registered office (within the meaning of the Corporations Law) in Victoria.

29. Statement of unclaimed RSA money

Unclaimed Moneys (Amendment) Act 1997

Act No. 92/1997 s. 4

(1) An RSA provider must give to the Registrar a statement in a form and manner approved by the Registrar of all unclaimed RSA

money held in RSAs provided by the RSA
provider as at 30 June 1998 and as at the end

of each subsequent half-year.

(2) The RSA provider must give the statement—

(a)	in relation to a half-year ending on 30 June, on or before the following 31 October;
(b)	in relation to a half-year ending on 31 December, on or before the following 30 April—

or on such later date as the Registrar approves by notice given to the RSA provider whether before or after 31 October

or 30 April, as the case requires.

(3) If, after the end of a half-year and before the statement is given to the Registrar, the RSA provider pays any of the unclaimed RSA

money to a person who is entitled to it, the
statement must contain such particulars
relating to the amounts paid as are required

by the form approved under sub-section (1).

(4) An approval by the Registrar of a form of

statement for the purposes of sub-section (1)
may require or permit the statement to be
given on a specified kind of data processing
device in accordance with specified software

requirements.

30.

Payment of unclaimed RSA money under section 29, must pay to the Registrar, for payment into the Consolidated Fund, an

Unclaimed Moneys (Amendment) Act 1997

s. 4 Act No. 92/1997

amount calculated in accordance with the

formula A–B where—

A is the amount specified in the
statement provided in accordance with
section 29(1);
B is the sum of the amounts specified in
the statement in accordance with

section 29(3).

31. Power of Minister to refund amounts

(1) If—

(a)	any unclaimed RSA money has been paid to the Registrar under this Part; and
(b)	the Minister is satisfied on application made by a person in the form approved by the Registrar, that, if this Part and

Part 8 of the Commonwealth Act had not been enacted, that person would have been paid that unclaimed RSA money by the RSA provider by whom it was paid to the Registrar—

the Minister must pay an amount equal to the amount of that unclaimed RSA money to that person.

(2) If an RSA provider, after paying an amount to the Registrar under this Part, satisfies the Minister that the amount so paid exceeds the amount that the RSA provider would have

paid to the person concerned, the Minister
must refund to the RSA provider the amount
of the excess.

(3) The Consolidated Fund is appropriated to the

extent necessary for the purposes of this
section.

Unclaimed Moneys (Amendment) Act 1997

Act No. 92/1997 s. 5

32. Register of unclaimed RSA money

(1) The Registrar must keep a register of

unclaimed RSA money paid to the Registrar
under this Part.

(2) The register may be in such form, and kept in such manner, as the Registrar determines but must include—

(a)	particulars of unclaimed RSA money paid by an RSA provider to the Registrar under this Part; and
(b)	particulars of the holder of each RSA in respect of which there is unclaimed RSA money.
33.

Discharge of liability Registrar of an amount as required by this Part, discharged from further liability in respect of that amount.

34.

Penalty recklessly contravene this Part.

Penalty:  in the case of a natural person,
100 penalty units;
in the case of a body corporate,
500 penalty units.'.

5. Consequential amendments

In the Principal Act—

(a) in section 9(2), for "Part 4" substitute "Parts 4 and 5,";

Unclaimed Moneys (Amendment) Act 1997

s. 5 Act No. 92/1997

(b) in section 13A(5), in the definition of "property", after "Part 4" insert "or unclaimed RSA money within the meaning of Part 5".

_______________
Unclaimed Moneys (Amendment) Act 1997

Act No. 92/1997 s. 6

PART 3—OTHER AMENDMENTS TO PRINCIPAL ACT

6. New section 3 substituted

For section 3 of the Principal Act substitute—

'3. Definitions

In this Act—

"data processing device" means any article

or material (including a disk) from
which information is capable of being
reproduced with or without the aid of

any other article or device.'.

7. Further amendment of Parts 1 and 2

In the Principal Act—

(a) in section 5—

(i)  for "no one shall be" substitute "a person is not";

(ii)  for "him" (where twice occurring) substitute "the first person";

(b) in section 7—

(i)

for "sub-section (1) of the last 6(1)";

(ii)

for "sub-section (2) of the last occurring) substitute "section 6(2)";

(c) in section 8(2), for "Treasurer he" substitute "Minister, the Minister".

8. Registrar of Unclaimed Moneys

In section 10 of the Principal Act—

(a) for "Treasurer" (wherever occurring)
substitute "Minister";

Unclaimed Moneys (Amendment) Act 1997

s. 9

s. 11 Act No. 92/1997

(b)	for "Treasury" (where twice occurring) substitute "public service";
(c)	for "Part" (wherever occurring) substitute "Act".

9. New section 10A inserted

After section 10 of the Principal Act insert—

"10A. Registrar may appoint agents

The Registrar, with the approval of the Minister, may appoint agents to assist in the carrying out of the duties and functions of the Registrar.".

10. Amendment of Principal Act

In the Principal Act—

(a) in section 12(1)—

(i)  in paragraph (a) for "sub-section (3) of section eleven of this Act" substitute "section 11(3)";

(ii)  in paragraph (b) for "sub-section (1) of section eleven of this Act" substitute "section 11(1)";

(iii) omit "at the Treasury in Melbourne";

(b) in section 13(2)—

(i) for "he" substitute "he or she";

(ii)  for "prescribed form" substitute "form of the First Schedule".

(c)	in section 13(3) for "he" (wherever occurring) substitute "he or she";
(d)	in section 14, for "Treasurer" (wherever occurring) substitute "Minister".

11. New section 18 substituted

For section 18 of the Principal Act substitute—

Unclaimed Moneys (Amendment) Act 1997

Act No. 92/1997 s. 13

"18. Application of Part

This Part applies to a fund and the trustee of a fund if—

(a) the trustee is a corporation within the meaning of the Corporations Law and its registered office within the meaning

of that Law is in Victoria; or

(b)	in the case of a trustee of a fund who is a natural person, the principal place where the trustee carries on business as such a trustee is in Victoria; or
(c)	in the case of an exempt public sector superannuation scheme, the principal place where the fund is administered is

in Victoria; or

(d) where there are 2 or more trustees of the fund and paragraph (a) or (b) applies to one or more but not to all the trustees, the principal place where the fund is administered is in Victoria.".

12. Further amendment of Principal Act

(1) After section 19(3) of the Principal Act insert—

"(4) An approval by the Registrar of a form of

statement for the purposes of sub-section (1)
may require or permit the statement to be
given on a specified kind of data processing
device in accordance with specified software

requirements.".

(2) In section 21 of the Principal Act for "Treasurer"

(wherever occurring) substitute "Minister".

13. New First Schedule inserted

Unclaimed Moneys (Amendment) Act 1997
Act No. 92/1997

Before the Second Schedule to the Principal Act insert—

"FIRST SCHEDULE

Section 13(2)

DECLARATION OF SECRECY

I, [insert name] , of [insert address] , declare that, except for the purposes of Part 3 of the Unclaimed Moneys Act 1962 or in the course of any criminal proceeding, I will not divulge or communicate to any person or make a

record of any information that, by reason of an inspection made by me under

that Part, I have acquired from any book, register, record or document.

Declared at
on

[signature] ".

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Unclaimed Moneys (Amendment) Act 1997

Act No. 92/1997 Notes

NOTES

†

Minister's second reading speech—

Legislative Assembly: 16 October 1997

Legislative Council: 19 November 1997

The long title for the Bill for this Act was "to amend the Unclaimed
Moneys Act 1962 and for other purposes."