124Payment of unclaimed money to public trustee and

124 Payment of unclaimed money to public trustee and guardian (1) This section applies if— (a) a notice under section 123 (2) is notified under the Legislation Act; and (b) the period of 3 months after the day the notice is notified has ended. (2) The commissioner for fair trading may, by written notice to a person holding money to which the notice relates, require the person, within a stated period of at least 10 business days— (a) to pay any of the money still being held by the person to the public trustee and guardian; and (b) to give the commissioner for fair trading a statement containing details of any payments made out of the money since the statement under section 122 (Content of statements) relating to the money was given. Note A person claiming to be entitled to money paid to the public trustee and guardian under this section may apply to the public trustee and guardian for payment of the money (see Unclaimed Money Act 1950, s 27).

Unclaimed trust money Division 7.5 (3) A licensed property agent who is given a notice under subsection (2) must comply with the notice. (4) A person commits an offence if— (a) the person is a former licensed property agent or the personal representative of a licensed property agent; and (b) the commissioner for fair trading gives the person a notice under subsection (2); and (c) the person does not comply with the notice. Maximum penalty: 20 penalty units. (5) An offence against subsection (4) is a strict liability offence.