Commonwealth legislation

Banking (Unclaimed Moneys) Regulations

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

117 of 1992

Collection

legislative instrument

Plain English Summary

1/10 complexity

These regulations set out how banks must tell the public about unclaimed money (funds in bank accounts that haven't been touched for years and whose owners can't be found).

When a bank reports unclaimed money to the government under the Banking Act 1959, it must:

Publish the details in a booklet; and
Put a notice in the Government Gazette (the official public record) saying the booklet exists and explaining how people can get a copy.

This ensures people have a way to check if they have forgotten money sitting in old bank accounts.

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Current sections

Direct links to the current provisions in Banking (Unclaimed Moneys) Regulations.

Banking (Unclaimed Moneys) Regulations

Statutory Rules 1992 No. 1171

__________________

Banking (Unclaimed Moneys) Regulations

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Banking Act 1959.

Dated 21 April 1992.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

R. McMULLAN

Parliamentary Secretary to the Treasurer

for and on behalf of the

Treasurer

____________

Citation

These Regulations may be cited as the Banking (Unclaimed Moneys) Regulations.

[NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48]

Interpretation

In these Regulations:

“the Act” means the Banking Act 1959.

Procedure for giving notice of unclaimed moneys

For the purposes of paragraph 69 (9) (b) of the Act, the prescribed manner in which particulars of every sum shown in a statement delivered under section 69 of the Act are to be made available to the public is by:

(a) publishing the particulars in the form of a booklet; and

(b) publishing in the Gazette a notice:

(i) stating that the booklet has been published in accordance with that paragraph; and

(ii) giving details of how to obtain copies of it.

NOTE

Notified in the Commonwealth of Australia Gazette on 28 April 1992.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Banking (Unclaimed Moneys) Regulations

Statutory Rules 1992 No. 1171

__________________

Banking (Unclaimed Moneys) Regulations

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Banking Act 1959.

Dated 21 April 1992.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

R. McMULLAN

Parliamentary Secretary to the Treasurer

for and on behalf of the

Treasurer

____________

Citation

These Regulations may be cited as the Banking (Unclaimed Moneys) Regulations.

[NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48]

Interpretation

In these Regulations:

“the Act” means the Banking Act 1959.

Procedure for giving notice of unclaimed moneys

For the purposes of paragraph 69 (9) (b) of the Act, the prescribed manner in which particulars of every sum shown in a statement delivered under section 69 of the Act are to be made available to the public is by:

(a) publishing the particulars in the form of a booklet; and

(b) publishing in the Gazette a notice:

(i) stating that the booklet has been published in accordance with that paragraph; and

(ii) giving details of how to obtain copies of it.

NOTE

Notified in the Commonwealth of Australia Gazette on 28 April 1992.