7Unclaimed money

7 Unclaimed money

7 Unclaimed money

(1) For the purposes of this Act, money is unclaimed money if it is money of a kind referred to in section 8 that an enterprise holds in an account that has not been operated on for at least—

(a) 2 years, or

(b) for a particular enterprise—a shorter period of at least 12 months that is—

(i) requested by the enterprise, and

(ii) approved by the Chief Commissioner.

(2) The account may include—

(a) money whose owner is not identifiable, and

(b) money owned jointly or severally by 2 or more persons.

s 7: Am 2025 No 37, Sch 8[2] [3].