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CORPORATIONS ACT 2001

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS  

PART 6A.5 - RECORDS OF UNCLAIMED CONSIDERATION  

SECTION 668B  UNCLAIMED CONSIDERATION TO BE TRANSFERRED TO ASIC  

668B(1)  [Obligation to transfer unclaimed consideration]  


If the company has not transferred the unclaimed consideration to the person entitled to it within 12 months after the publication of a copy of the records in the Gazette, the company must transfer the consideration to ASIC within 1 month after the end of that 12 month period.

668B(1A)  [Strict liability offence]  

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An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.

668B(2)  [Discharge from liability]  


The company is then discharged from liability to any person in respect of the consideration.

668B(3)  [ASIC's obligations]  


ASIC must deal with the consideration under Part 9.7.

668B(4)  [Rights against liquidator or company]  


Except as provided by subsection (2), this Part does not deprive a person of any right or remedy to which the person is entitled against a liquidator or company.

 



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