Version No. 071
Unclaimed Moneys Act 1962
Act No. 6879/1962
Version incorporating amendments as at 15 October 2003
table of provisions
SectionPage
1
SectionPage
Part 1—Preliminary
1.Short title and commencement
2.Repealed1
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 tomake vesting orders
8.Provision for claims etc. made after payment into ConsolidatedFund
Part 3—Businesses
9.Definitions
10.Registrar of Unclaimed Moneys
10A.Registrar may appoint agents
11.Register of unclaimed moneys
12.Disposal of unclaimed moneys
13.Registrar may inspect business register etc. to ascertain compliance with this Part
13A.Disposition of unclaimed trust property
14.Power of Minister to pay lawful claimant
15.Persons not so required by this Part may pay unclaimed moneysto Registrar
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—Repealed25
27–34.Repealed25
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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. 071
Unclaimed Moneys Act 1962
Act No. 6879/1962
Version incorporating amendments as at 15 October 2003
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
repealed by No. 10087 s.4(1)(Sch. 2).
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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. 4
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.
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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. 8
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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.
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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).
"business" means—
(a)a company within the meaning of the Corporations Act that is taken to be registered in Victoria; or
(b)a Council within the meaning of the Local Government Act 1989; or
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(f)a public hospital within the meaning of the Health Services Act 1988; or
(g)a co-operative registered under the Cooperatives Act 1996;
(h)a society within the meaning of the Cooperative Housing Societies Act 1958; or
(i)a society within the meaning of the Industrial and Provident Societies Act 1958; or
(j)a body corporate incorporated by or under an Act; or
(k)a partnership, including a limited partnership; or
(ka)a sole practitioner within the meaning of the Legal Practice Act 1996;
(l)a body, whether or not incorporated, prescribed by the regulations as a business for the purposes of this Act;
S. 9(1) def. of "firm" repealed by No. 70/1993 s.5.
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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.
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S. 9(1) def. of "officer in relation to a firm"
repealed by No. 70/1993 s.5.
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"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;
"Registrar" means the Registrar of Unclaimed Moneys under this Part;
"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(3) inserted by No. 35/1996
s. 451(2).
(3)A reference in this Act to a business holding unclaimed moneys, being a business that is a firm, an incorporated practitioner or a sole practitioner (within the meaning of the Legal Practice Act 1996) includes a reference to unclaimed money being held in the trust account of the firm or practitioner.
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.
11.Register of unclaimed moneys
S. 11(1) amended by No. 70/1993 s.12(a).
(1)Every business holding unclaimed moneys shall as soon as practicable after the first day of March in each year enter all unclaimed moneys in a register kept at its principal office or place of business in Victoria in the form in the Second Schedule.
S. 11(2) amended by No. 70/1993 s.6.
(2)From the eighth day of March in each year such register shall be open on payment of a fee of $10 (or such other amount as is prescribed for the purposes of this sub-section) to the inspection of any person.
S. 11(3) amended by No. 70/1993 ss7, 12(b).
(3)A copy of all such entries in the register shall, except where the amount relating to the entry is less than $100 (or such other amount as is prescribed for the purposes of this sub-section), be advertised by the business in the Government Gazette annually during the month of March.
S. 11(4)(5) repealed by No. 70/1993 s.8.
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S. 11(6) amended by No. 70/1993 ss9(1), 12(c)(i)(ii).
(6)In the event of failure to keep or to enter all unclaimed moneys in such register or to advertise such copy or of refusal to permit inspection thereof the business and every officer responsible therefor shall be liable to a penalty of not more than one penalty unit and thereafter to a further penalty of one penalty unit for every day during which such default or refusal continues.
s. 11
S. 11(7) amended by No. 18/1994 s.66(Sch. 2 item 27.2).
(7)Any rights of the owner in respect of such moneys which exist at the time of such entering or advertising shall not be prejudiced or affected by that entering or advertising, but those moneys may be recovered by the owner at any time before they are paid to the Registrar under this Part but not afterwards, any rule of law to the contrary notwithstanding.
No. 6455 s.154.
12.Disposal of unclaimed moneys
s. 12
S. 12(1) amended by Nos 70/1993 ss 10(1), 12(d), 18/1994
s. 66(Sch. 2 item 27.3), 92/1997
s. 10(a)(iii).
(1)All unclaimed moneys which have not been paid by the business to the owner—
S. 12(1)(a) amended by Nos 70/1993 s.12(d), 92/1997
s. 10(a)(i).
(a)where an advertisement has been inserted by the business pursuant to section 11(3)—within twelve months after the publishing of that advertisement; or
S. 12(1)(b) amended by Nos 70/1993 s.12(d), 92/1997
s. 10(a)(ii).
(b)where no such advertisement has been inserted by the business—within twelve months after the thirty-first day of the month of March in which entries should pursuant to section 11(1) have been made in the register[1]—
shall, accompanied by a statement in the prescribed form, be paid within fourteen days after the expiration of that period of twelve months by the business to the Registrar to be placed to the credit of the Consolidated Fund.
S. 12(2) amended by Nos 9019 s.2(1)(Sch. item 227), 9299 s.2(1), repealed by No. 70/1993 s.10(2).
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S. 12(3) amended by Nos 70/1993 s.12(e)(i)(ii), 18/1994
s. 66(Sch. 2 item 27.4).
(3)The business may deduct out of all unclaimed moneys payable to the Registrar or to any claimant the reasonable expenses of the business in the advertising of the copies of entries hereinbefore provided.
S. 12(4) amended by Nos 70/1993 ss 9(2)(a)(b), 12(f), 18/1994 s. 66(Sch. 2 item 27.4).
(4)In the event of failure so to pay any unclaimed moneys to the Registrar the business and every officer responsible shall be liable to a penalty of not more than 5 penalty units and thereafter to a further penalty of 1 penalty unit for every day during which that failure continues.
S. 12(5) amended by No. 6961 s. 2.
(5)For the purposes of this section and of section eleven of this Act "officer responsible" includes any officer who knowingly authorizes or permits such default refusal or failure.
13.Registrar may inspect business register etc. to ascertain compliance with this Part
s. 13
S. 13(1) amended by No. 70/1993 s.12(g).
(1)For the purpose of ascertaining whether a business is complying with the provisions of this Part, the Registrar or any person authorized in writing by him may without the payment of any fee inspect the register required to be kept by that business pursuant to the provisions of this Part and any books, minute book, register, record or document kept by or on behalf of the business pursuant to the provisions of any Act or enactment or in the course of business.
S. 13(2) amended by No. 92/1997
s. 10(b)(i)(ii).
(2)No person shall make an inspection in pursuance of sub-section (1) of this section unless he or she has made a declaration of secrecy in the form of the First Schedule.
S. 13(3) amended by No. 70/1993 s.9(3).
(3)A person—
S. 13(3)(a) amended by No. 92/1997
s. 10(c).
(a)who makes an inspection in pursuance of the provisions of sub-section (1) of this section before he or she has made such a declaration; or
S. 13(3)(b) amended by No. 92/1997
s. 10(c).
(b)who after making such a declaration makes, except for the purposes of this Part, or in the course of any criminal proceedings, a record of, or divulges or communicates to any other person any information which he or she has acquired by reason of such inspection—
shall be liable to a penalty of not more than 10penalty units.
S. 13(4) amended by No. 70/1993 ss9(4), 12(h).
(4)A business or any officer of a business—
(a)which or who on being required by the Registrar or a person so authorized to produce any such book (including minute book), register, record or document refuses to produce, avoids producing or prevents production of that book, register, record or document;
(b)which or who on being required by the Registrar or a person so authorized to correct any error found in any such book (including minute book), register, record or document refuses or fails to correct that error; or
(c)which or who obstructs or hinders the Registrar or person so authorized while exercising any of the powers referred to in sub-section (1) of this section—
shall be liable to a penalty of not more than 5penalty units.
S. 13A inserted by No. 8448 s. 2.
13A.Disposition of unclaimed trust property
s. 13A
S. 13A(1) amended by Nos 70/1993 s.10(3), 18/1994
s. 66(Sch. 2 item 27.5).
(1)Where any trustee holds any property and the property has not been claimed by the person entitled to it for a period of six years after the time when he became entitled to have the property transferred or paid to him, the trustee shall, subject to sub-section (2) sell, call in or otherwise convert such of the property as does not consist of money into money and pay the money and the proceeds of the sale calling in and conversion and the income of such property to the Registrar.
(2)The Registrar may by writing under his hand extend the time for the sale calling in or conversion of any property under sub-section (1) and the time for the payment of any moneys into the Fund under that sub-section if he is of the opinion that further enquiries and search for the person entitled to the property should be made by the trustee.