127BDisposal of unclaimed property

127B Disposal of unclaimed property

(1) Subject to subregulation (2), where property (other than moneys) found on premises, or in an aircraft, vessel, vehicle, container or receptacle, under the control of a Department is not claimed by the owner of the property within a period of 3 months from the date on which the property is found, the Commonwealth may dispose of that property.

(2) The Commonwealth may, at any time, dispose of unclaimed:

(a) animals;

(b) perishable goods; or

(c) articles that are, or could be, dangerous or noxious;

found on premises or in an aircraft, vessel, vehicle, container or receptacle, under the control of a Department.

(3) Except where it is impracticable, or undesirable in the public interest, to do so, the Commonwealth shall:

(a) dispose of any unclaimed property by sale; and

(b) pay the proceeds of the sale into the Consolidated Revenue Fund.

(4) Where:

(a) the Commonwealth has disposed of any unclaimed property by sale; and

(b) the person who, immediately before the sale, was the owner of the property makes a claim on the Commonwealth in respect of the property;

the Commonwealth shall pay to that person an amount equal to the amount for which the property was sold less the amount (if any) necessarily expended by the Commonwealth in respect of the storage, maintenance or disposal of the property.

(5) Upon the sale of any unclaimed property by the Commonwealth, any right in respect of the property vested in a person immediately before the sale shall cease to exist.