Issued
01 May 1988

Part IV - Unclaimed Money Amendment Act 1988

Archived legislative commentary on Part IV - Unclaimed Money Amendment Act 1988 from PIB vol 174 May 1988.

This commentary item was published in Public Information Bulletin Volume 174, May 1988

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This Act amends the Unclaimed Money Act 1971 to provide that the amount of money which ceases to be unclaimed money, in respect of one owner, is increased from "$20" to "$100" in total.

Section 1 - Short Title and Application

This section provides that this Act is to be read together with, and form part of, the Unclaimed Money Act 1977.

Section 2 - Unclaimed Money

This section amends paragraph (i) of the proviso to section 4(1) of the principal Act.

Section 4(1) sets out what constitutes unclaimed money. The proviso to the subsection sets out the kinds of money which cease to be "unclaimed money".

The amendment to paragraph (i) of the proviso increases the amount of money which ceases to be unclaimed money, in respect of one owner, from "$20" to "$100" in total.

The amendment has effect from the 24th of March 1988, the date of the Governor-General's assent.