Unclaimed money is money left untouched by its owner in organisations like banks, or with a person such as a solicitor. This will only happen after reasonable efforts have been made to find the member. The purpose is to simplify the administrative processes and reduce compliance costs as … If any claimant makes any demand against the Commissioner for any money—, paid, whether before or after the commencement of this Act, into a Crown Bank Account under the provisions of any former enactment,—. In subsection (2) the expression mutual association means any body or association of persons, whether incorporated or not, which enters into transactions of a mutual character with its members, whether or not it also enters into transactions with other persons. 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Where a holder has ceased to carry on business or has died, and the holder, or, as the case may be, his personal representative, has for a period of 6 months or more immediately succeeding the date of that cessation or death been in possession of or owed money which has remained unclaimed and—, which would become unclaimed money when the period referred to in the appropriate paragraph of subsection (1) had expired if the money had remained unclaimed; or, which would have so become unclaimed money if it were not money of any of the kinds referred to in subsection (2),—. Title: amended, on 1 January 1987, pursuant to section 29(2) of the Constitution Act 1986 (1986 No 114). Unclaimed money is money held by a person or organisation, such as a solicitor or a Bank, where the owner of that money (or someone with authority to act on behalf of the owner) cannot be found. Section 2 savings bank: replaced, on 22 May 1998, by section 22(1) of the Private Savings Banks (Transfer of Undertakings) Act 1992 (1992 No 21). Where unclaimed money is paid by a holder to the Commissioner in accordance with this Act, the holder shall thereafter be relieved of all further liability to any claimant in respect of the money so paid. 2 Interpretation. Section 12(2): amended, on 1 April 1980, pursuant to section 18(2) of the District Courts Amendment Act 1979 (1979 No 125). The proceeds of life insurance policies that have matured (through death or otherwise) are paid to the Inland Revenue Department (IRD) if, after six years, the life insurance company is unable to find the person entitled to the proceeds. Act 1990 The Unclaimed Money Amendment Act 1990 These Acts were enacted on 1 August 1990. The last maturity date was 1963. Section 14(4): repealed, on 1 April 1983, by section 193(1) of the Law Practitioners Act 1982 (1982 No 123). If you live in New Zealand you should contact the Work and Income Contact Centre: Contact details for International Services: Work and Income | Get Assistance - International Services, New Zealand Superannuation and Retirement Income Act 2001. the holder or that personal representative may, if he thinks fit, pay the money to the Commissioner and furnish to the Commissioner particulars of the payment and of the person on whose behalf the money was held or to whom it was owed; and thereupon that money shall be deemed to be unclaimed money, and the provisions of this Act, as far as they are applicable, shall apply accordingly. Subject to this Act, there shall be payable to the Crown all money which becomes unclaimed money after the commencement of this Act, except and so far as special provisions are made by or under any other Act. Section 5(1)(j): replaced, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64). The public sector agencies holding on to these monies would very much like to return the monies to the rightful owners, but have not always been able to do so because they could not contact the owners despite repeated attempts to do so.