436Disposal of consideration for shares compulsorily acquired

436 Disposal of consideration for shares compulsorily acquired

(1) Amounts received to be paid to ADI account and held in trust

Amounts received by the transferor under this Division must be paid into a separate authorised deposit-taking institution account and the amounts, and any other consideration received, are to be held by the transferor in trust for the persons entitled to the shares in relation to which they were respectively received.

(2) Transfer of amounts or property to Registrar after 2 years

If an amount or other property received by the transferor under this Division has been held in trust by the transferor for a person for at least 2 years, the transferor must pay the amount or transfer the consideration, and any accretions to it and any property that may become substituted for it or for part of it, to the Registrar.

(3) Application of Corporations Act

Anything paid or transferred to the Registrar under subsection (2) is declared to be an applied Corporations legislation matter for the purposes of the Corporations application legislation of this jurisdiction in relation to Part 9.7 of the Corporations Act, subject to the following modifications:

(a) a reference in the provisions to unclaimed property is to be read as a reference to whatever was paid or transferred to the Registrar under subsection (2);

(b) if the Co-operatives National Law Act of this jurisdiction or the local regulations so provide:

(i) references in section 1339 of the Corporations Act to crediting an amount to the Companies and Unclaimed Moneys Special Account are to be read as references to dealing with the amount in a manner specified in the Co-operatives National Law Act of this jurisdiction or the local regulations for the purposes of this subparagraph; or

(ii) section 1341 (1) and (2) of the Corporations Act are taken to be omitted and replaced by provisions specified in the Co-operatives National Law Act of this jurisdiction or the local regulations for the purposes of this subparagraph;

or both;

(4) Timing for transfer to Registrar

The transferor must comply with subsection (2) before the end of 10 years after the day on which the amount was paid, or the consideration was allotted or transferred, to the transferor.

Division 4 Miscellaneous