8AEnterprise must first make reasonable efforts to ensure owner is paid money

8A Enterprise must first make reasonable efforts to ensure owner is paid money

8A Enterprise must first make reasonable efforts to ensure owner is paid money

(1) An enterprise that holds any money of a kind referred to in section 8 in an account referred to in section 7 (1) must make reasonable efforts—

(a) to identify and locate the owner of the money, and

(b) to ensure that the money is paid to the owner of the money.

Maximum penalty—

(a) for an individual—250 penalty units, or

(b) otherwise—500 penalty units.

(2) Money held by an enterprise in an account is not unclaimed money (despite section 7) unless, after making reasonable efforts and after a reasonable period has passed, the enterprise is unable to ensure that the money is paid to the owner of the money.

(3) This section does not apply in respect of any money that is not unclaimed money because of section 9.

s 8A: Ins 2001 No 96, Sch 4 [1]. Am 2025 No 37, Sch 8[4].