Version No. 081
Unclaimed Moneys Act 1962
Act No. 6879/1962
Version incorporating amendments as at 12 December 2005
table of provisions
SectionPage
1
SectionPage
Part 1—Preliminary
1.Short title and commencement
2.Purpose
3.Definition
4.Act to be read in aid of other Acts etc. relating to unclaimed moneys
5.Saving
Part 2—Moneys in Court
6.Payment into Consolidated Fund in certain cases of unclaimed money in court
7.Power to officer of court to sell securities and power of court to make vesting orders
8.Provision for claims etc. made after payment into Consolidated Fund
8A.Purpose
Part 3—Businesses
9.Definitions
10.Registrar of Unclaimed Moneys
10A.Registrar may appoint agents
11.Businesses to keep register and advertise details of unclaimed moneys
12.Payment of unclaimed moneys to the Registrar and lodgement
of return
12A.Unclaimed trust property
12B.Official register of unclaimed moneys
13.Powers of inspection
13A.Repealed
14.Power of Minister to pay lawful claimant
15.Persons not so required by this Part may pay unclaimed moneys to Registrar
15A.Trustee not in breach of trust
15B.Offences
15C.Offences by bodies
15D.Transitional provision
16.Regulations
Part 4—Unclaimed Superannuation Benefits
17.Definitions
18.Application of Part
19.Statement of unclaimed superannuation benefits
20.Payment of unclaimed superannuation benefits
21.Power of Minister to pay or refund amounts
22.Register of unclaimed superannuation benefits
23.Discharge of liability
24.Trustee not in breach of trust
25.Conflict with governing instrument of public sector scheme
26.Offence
27.Transitional provision
Part 5—Repealed32
28–34.Repealed32
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SCHEDULES
SCHEDULE 1—Declaration of Secrecy
SCHEDULE 2—Register of Unclaimed Money
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ENDnotes
1. General Information
2. Table of Amendments
3. Explanatory Details
1
Version No. 081
Unclaimed Moneys Act 1962
Act No. 6879/1962
Version incorporating amendments as at 12 December 2005
An Act to consolidate and amend the Law providing for the Payment of Unclaimed Moneys into the Consolidated Revenue and to the Receiver of Revenue in Melbourne.
1
Unclaimed Moneys Act 1962
Act No. 6879/1962
BE IT ENACTED by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and the Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say):
Pt 1 (Heading) inserted by No. 51/1997
s. 4(a).
Part 1—Preliminary
S. 1
amended by No. 70/1993 s.13(1).
1.Short title and commencement
This Act may be cited as the Unclaimed Moneys Act 1962, and shall come into operation on a day to be fixed by proclamation of the Governor in Council published in the Government Gazette.
S. 2 repealedby No. 10087 s.4(1)(Sch. 2), new s.2 insertedby No. 5/2004 s.4.
2.Purpose
The purpose of this Act is to provide for—
(a)the collection and safe-keeping of unclaimed moneys;
(b)the collection of information needed to identify and locate the rightful owners of unclaimed moneys;
(c)the keeping of registers of details relating to unclaimed moneys so that the rightful owners can be identified and located;
(d)the publication of sufficient information for the purpose of identifying and locating the rightful owners of unclaimed moneys.
S. 3 substituted by No. 92/1997
s. 6.
3.Definition
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.
No. 6404 s. 6.
4.Act to be read in aid of other Acts etc. relating to unclaimed moneys
s. 3
The provisions of this Act shall be read and construed as in aid of and not in derogation from the provisions of any other Act or enactment relating to the disposition of unclaimed moneys.
No. 6404 s.7.
S. 5
amended by Nos 9019 s.2(1)(Sch. item227), 18/1994 s.66(Sch. 2 item 27.1), 92/1997
s. 7(a)(i)(ii).
5.Saving
Unless expressly provided by this Act a person is not in any manner liable to any person by reason of the payment by the first person of any money into the Consolidated Fund or to the Registrar of Unclaimed Moneys or the doing by the first person of any other act in good faith pursuant to the provisions of this Act.
______
Pt 1 (Heading) re-numbered as Pt 2 (Heading) by No. 51/1997
s. 4(b).
Part 2—Moneys in Court
No. 6404 s. 3.
6.Payment into Consolidated Fund in certain cases of unclaimed money in court
s. 6
S. 6(1) amended by Nos 9019 s.2(1)(Sch. item227), 19/1989 s.16(Sch. item 55.1), 70/1993 s.4(1).
(1)Notwithstanding anything in any Act enactment rule of law or rule of court, in any case where any money has been or is paid into the Supreme Court or into the County Court or into the Magistrates' Court under the provisions of any Act enactment or rule of court (heretofore now or hereafter in force) or by virtue of any rule of practice or procedure (heretofore now or hereafter in force) and no claim application or other proceeding for or in respect of such money has been or is made or instituted for a period of fifteen years after the last payment out of court of any part of such money or (where no payment out of court has been or is made) after such payment into court, the proper officer of such court having the control or custody of money paid into court shall as soon as practicable after the termination of such period of fifteen years pay such money into the Consolidated Fund:
S. 6(1)
Proviso amended by No. 19/1989 s.16(Sch. item55.1).
Provided that in any case where the documents filed in the court disclose the existence at any time of a person who would have been entitled to make or institute a claim application or proceeding as aforesaid but for want of age or other legal disability or who would have become so entitled on the happening of some event, the period of fifteen years aforesaid shall not in any event be deemed to have commenced to run—
(a)until the day on which (according to satisfactory evidence filed in the court) such person became of age or such other disability was determined or such event happened (as the case may be); or
(b)until the day on which (according to satisfactory evidence filed in the court) such person died—
s. 6
whichever day was the earlier.
S. 6(2) amended by Nos 9019 s.2(1)(Sch. item227), 11/2001 s.3(Sch. item83.1).
(2)For the purposes of this Part "money paid into court" means money or any security paid into court or paid into any authorised deposit-taking institution within the meaning of the Banking Act 1959 of the Commonwealth (whether in the name or to the credit of any officer of the court or otherwise) to be subject to the order or disposition of the court, and from the time of such payment includes any security or money into which such first-mentioned money or security or any part thereof is or has been converted and all interest and every dividend or other profit accrued or accruing from any such money or security up to the time of payment into the Consolidated Fund, and for the purpose of such payment into the Consolidated Fund includes the proceeds of the sale or conversion into money of any such security under the provisions of the next succeeding section.
No. 6404 s.4.
S. 7
amended by Nos 9019 s.2(1)(Sch. items227, 228), 57/1989 s. 3(Sch. item205), 70/1993 s.4(2), 92/1997 s.7(b)(i)(ii), 11/2001 s.3(Sch. item83.2).
7.Power to officer of court to sell securities and power of court to make vesting orders
s. 7
Notwithstanding the provision of any Act or enactment or rule of law, for the purpose of any payment of money into the Consolidated Fund under section 6(1), the proper officer of court aforesaid is hereby empowered after the expiration of such period of fifteen years to sell or otherwise convert into money any security referred to in section 6(2) and in order to facilitate such payment into the Consolidated Fund, the Supreme Court, the County Court or the Magistrates' Court (as the case requires), upon application by or on behalf of such officer, may make an order vesting in such officer the property or interest in any such security or in any money in any authorised deposit-taking institution referred to in section 6(2).
No. 6404 s. 5.
8.Provision for claims etc. made after payment into Consolidated Fund
S. 8(1) amended by Nos 9019 s.2(1)(Sch. items227, 228), 19/1989 s. 16(Sch. item 55.2).
(1)Where after any money is paid into the Consolidated Fund pursuant to the provisions of this Part as aforesaid any claim application or other proceeding for or in respect thereof is made or instituted by any person such claim application or other proceeding shall be heard and determined in all respects as if such money had remained in court and the court may make such order as is sanctioned by law for the payment to any person of the money paid into the Consolidated Fund or any part thereof.
S. 8(2) amended by Nos 9019 s.2(1)(Sch. item227), 92/1997 s.7(c).
(2)When any such order is made and a copy thereof is served upon the Minister, the Minister shall in compliance with such order without any further or other authority than this Act pay the amount specified in such order (without interest from the date of payment into the Consolidated Fund) to the person to whom such order directs such payment to be made.
S. 8(3) amended by No. 9019 s.2(1)(Sch. item 227).
(3)Such amount shall when any such order is made be legally available for and applicable to payment to the person in such order specified and shall be charged upon and paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated for the purpose accordingly).
S. 8A insertedby No. 5/2004 s.5.
8A.Purpose
The purpose of this Part is—
(a)to ensure that businesses make reasonable efforts to identify and locate the rightful owners of unclaimed moneys, including the advertising of sufficient details in the Government Gazette;
(b)to provide for businesses that are still holding unclaimed moneys after advertising to transfer the moneys to the Registrar for safe-keeping pending any claims by the rightful owners and to give the Registrar details of the unclaimed moneys;
(c)to provide for trustees who hold unclaimed trust property to convert it to money and transfer the money to the Registrar with details of the rightful owners;
(d)to provide for the Registrar to publish details of unclaimed moneys in order to identify and locate the rightful owners and reunite them with their money;
(e)to provide the Registrar with inspection powers to ensure that businesses and trustees comply with their obligations in respect of unclaimed moneys and unclaimed trust property.
s. 8A
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Pt. 2 (Heading) amended by No. 43/1995 s.24, renumbered as Pt 3 (Heading) by No. 51/1997 s.4(c).
Part 3—Businesses
9.Definitions
s. 9
(1)In this Part unless inconsistent with the context or subject-matter—
S. 9(1) def. of "company" amended by No. 9699 s. 23, repealed by No. 70/1993 s.5.
*****
S. 9(1) def. of "business" inserted by No. 70/1993 s.5,
amended by Nos 35/1996
s. 451(1)(a), 84/1996
s. 467(Sch. 6 item 14.1), 37/1999 s.58(Sch. 3 item 13.1), 44/2001 s.3(Sch. item119.1), substituted by No.5/2004 s.6(1)(a).
"business" means any body, whether or not incorporated, or any sole practitioner, that carries on any business in Victoria, and includes—
(a)a corporation within the meaning of the Corporations Act;
(b)a Council within the meaning of the Local Government Act 1989;
(c)a public hospital within the meaning of the Health Services Act 1988;
(d)a co-operative within the meaning of the Co-operatives Act 1996;
(e)a society within the meaning of the Cooperative Housing Societies Act 1958;
(f)a society within the meaning of the Industrial and Provident Societies Act 1958;
(g)a partnership, including a limited partnership;
(h)a trustee company within the meaning of the Trustee Companies Act 1984;
(i)any body, whether or not incorporated, prescribed by the regulations for the purposes of this Act;
S. 9(1) def. of "firm" repealed by No. 70/1993 s.5.
*****
S. 9(1) def. of "officer" inserted by No. 70/1993 s.5.
"officer", in relation to a business, means a person who is concerned, or takes part, in the management or control of the business, and includes a person in accordance with whose instructions the business is managed or controlled;
s. 9
S. 9(1) def. of "officer in relation to a company" repealed by No. 70/1993 s.5.
*****
S. 9(1) def. of "officer in relation to a firm"
repealed by No. 70/1993 s.5.
*****
"owner" means the person entitled to any unclaimed moneys and includes his executors administrators or assigns or his or their lawful attorney or agent in Victoria;
"prescribed" means prescribed by or under this Act or by the Regulations;
S. 9(1) def. of "reasonable expenses" insertedby No. 5/2004 s.6(1)(b).
"reasonable expenses" of a business in holding unclaimed moneys and locating the owners, includes—
(a)bank fees, stationery and postage; and
(b)the costs of advertising in the Government Gazette; and
(c)any other expenses of a kind determined by the Registrar under sub-section (4);
"Registrar" means the Registrar of Unclaimed Moneys under this Part;
S. 9(1) def. of "sole practitioner" insertedby No. 5/2004 s.6(1)(b), amendedby No. 18/2005 s.18(Sch. 1 item111.1).
"sole practitioner" has the same meaning as in theLegal Profession Act 2004;
"unclaimed moneys" means all principal and interest and all dividends bonuses and profits and all salaries and wages and all sums of money whatsoever—
(a)which are legally payable to the owner; and
s. 9
(b)which have remained unpaid for not less than twelve months after they have become payable.
S. 9(2) substituted by No. 8448 s.3(1), amended by Nos 35/1996
s. 451(1)(b), 51/1997
s. 4(d), 92/1997
s. 5(a).
(2)Except as is provided by section 15(1) and Parts 4 and 5, this Act does not apply to any unclaimed moneys for which special provision has been made by this or any other Act or by any Act of the Commonwealth of Australia.
S. 9(2A) insertedby No. 5/2004 s.6(2).
(2A)This Part does not apply to any amount of unclaimed money or unclaimed trust property the value of which is less than $20 or the prescribed amount (whichever is higher) payable or transferable to any owner.
S. 9(2B) insertedby No. 5/2004 s.6(2).
(2B)For the purposes of the definitions of "unclaimed moneys" and "owner" in sub-section (1), in determining whether money is legally payable to the owner or whether a person is entitled to money, no account is to be taken of whether or not—
(a)the owner or person is required to take any action by way of demand or otherwise to claim or recover the money; or
(b)there is or has been any shift in entitlement to the money accompanied by an arrangement or undertaking (whether enforceable or not) to pay the owner or person if the owner or person subsequently makes a claim.
S. 9(2C) insertedby No. 5/2004 s.6(2).
s. 9
(2C)Despite sub-section (2B), money is not unclaimed money at any particular time if, at that time, the business holding the money (or an officer of the business if the business is not a natural person) knows or has reason to believe that the owner of the money wishes the business to continue to hold the money.
S. 9(2D) insertedby No. 5/2004 s.6(2).
(2D)However, a business (or an officer of a business if the business is not a natural person) does not have reason to believe that an owner of money wishes the business to continue to hold the money merely because the owner does not respond to a communication from the business (or does not respond as specified in the communication), even if the terms of the communication suggest that the owner's failure to respond indicates such a wish.
S. 9(2E) insertedby No. 5/2004 s.6(2).
(2E)A reference in this Act to a business holding unclaimed moneys includes a reference to the business holding those moneys as a trustee.
S. 9(3) inserted by No. 35/1996
s. 451(2), substitutedby No. 18/2005 s.18(Sch. 1 item111.2).
(3)A reference in this Act to a business holding unclaimed moneys, being a business that is a law practice (within the meaning of the Legal Profession Act 2004) includes a reference to unclaimed money being held in a trust account of the law practice.
S. 9(4) insertedby No. 5/2004 s.6(3).
(4)For the purposes of the definition of "reasonable expenses" in sub-section (1), the Registrar may from time to time, by instrument, determine that kinds of expenses specified in the instrument are reasonable expenses.
10.Registrar of Unclaimed Moneys
s. 10
S. 10(1) amended by Nos 92/1997
s. 8(a)–(c), 46/1998
s. 7(Sch. 1).
(1)The Minister may assign an employee in the public service to the position of Registrar of Unclaimed Moneys to carry out the duties and functions invested by or under this Act in the Registrar.
S. 10(2) amended by Nos 92/1997
s. 8(a)–(c), 46/1998
s. 7(Sch. 1).
(2)The Minister may assign an employee in the public service to the position of Deputy Registrar of Unclaimed Moneys for the purposes of this Act.
S. 10(3) amended by No. 92/1997
s. 8(a).
(3)Notice of every assignment made pursuant to this section and of the cancellation by the Minister of any such assignment shall be published in the Government Gazette.
S. 10(4) amended by No. 92/1997
s. 8(c).
(4)Anything by this Act appointed or authorized or required to be done or signed by the Registrar may be done or signed by such Deputy and shall be as valid and effectual as if done or signed by the Registrar.
S. 10A inserted by No. 92/1997
s. 9.
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.
No. 6455 s.153.
S. 11 amended by Nos 70/1993 ss 6, 7, 8, 9(1), 12, 18/1994 s.66(Sch. 2 item 27.2), substituted by No. 5/2004 s.7.
11.Businesses to keep register and advertise details of unclaimed moneys
(1)A business that holds unclaimed moneys must—
(a)establish a register of unclaimed moneys, in the form of the Second Schedule, at its principal office or place of business in Victoria; and
(b)by 31 March each year, enter in the register the details required by the Second Schedule of all unclaimed moneys held as at 1 March in that year.
Note:Failure to comply with this sub-section is an offence—see section 15B(1).
s. 10A
(2)Subject to sub-section (3), a business that holds unclaimed moneys must advertise in the Government Gazette, at the times and in the manner determined by the Registrar from time to time, a copy of the entries in its register.
Note:Failure to comply with this sub-section is an offence—see section 15B(1).
(3)A business is not required to advertise any of the following entries—
(a)an entry relating to an amount of unclaimed money less than—
(i)the amount determined from time to time by the Registrar by notice published in the Government Gazette; or
(ii)if no amount is determined—$200; or
(b)an entry relating to unclaimed moneys where the identity of the owner of the money is unknown.
(4)The entry of details of unclaimed moneys in the register, and the advertisement of entries in the register, do not affect or prejudice the rights of the owner of the money and the owner may recover the money from the business at any time before it is paid to the Registrar under section 12.
(5)A business may deduct out of unclaimed moneys payable to an owner an amount in respect of the reasonable expenses of the business in holding unclaimed moneys and locating the owners.
No. 6455 s.154.
S. 12 amended by Nos 6961 s.2, 9019 s.2(1)(Sch. item 227), 9299 s.2(1), 70/1993 ss9(2), 10(1)(2), 12(d)(e)(f), 18/1994 s.66(Sch. 2 items 27.3, 27.4), 92/1997 s.10(a), substituted by No. 5/2004 s.7.
12.Payment of unclaimed moneys to the Registrar and lodgement of return
s. 12
(1)On or before 31 March each year (or the later date approved in writing by the Registrar in any particular case), a business that held unclaimed moneys on 1 March in the previous year must—