Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The purposes of the Account, in relation to which amounts may be debited from the Account, are:
(a) to pay persons whom the Registrar is satisfied under paragraph 551 - 15(2)(b) are entitled to the money; and
(b) to reduce the balance of the Account (and therefore the available appropriation for the Account) without making a payment to any person if 6 years have elapsed since the unclaimed property was first held by the Registrar.
(2) If the money is not paid out in accordance with this section within 6 years after the unclaimed property was first held by the Registrar as unclaimed property, the Account must be debited by an amount equivalent to the money.
(3) If:
(a) a person makes a claim under paragraph 551 - 15(2)(a) to money that is unclaimed property, or to money that represents the proceeds of unclaimed property, after 6 years have elapsed since the property was first held by the Registrar as unclaimed property; and
(b) the Registrar is satisfied that the person is entitled to the money;
the Registrar must pay the money to the person out of money that is appropriated by the Parliament for the purpose.