Victorian Numbered Acts Victorian Numbered Acts(1) In section 9 of the Principal Act—
(a) for the definition of "business" substitute —
' "business" means any body, whether or not incorporated, or any sole practitioner, that carries on any business in Victoria, and includes—
(a) a corporation within the meaning of the Corporations Act;
(b) a Council within the meaning of the Local Government Act 1989 ;
(c) a public hospital within the meaning of the Health Services Act 1988 ;
(d) a co-operative within the meaning of the Co-operatives Act 1996 ;
(e) a society within the meaning of the Co-operative Housing Societies Act 1958 ;
(f) a society within the meaning of the Industrial and Provident Societies Act 1958 ;
(g) a partnership, including a limited partnership;
(h) a trustee company within the meaning of the Trustee Companies Act 1984 ;
(i) any body, whether or not incorporated, prescribed by the regulations for the purposes of this Act;';
(b) insert the following definitions—
' "reasonable expenses" of a business in holding unclaimed moneys and locating the owners, includes—
(a) bank fees, stationery and postage; and
(b) the costs of advertising in the Government Gazette; and
(c) any other expenses of a kind determined by the Registrar under sub-section (4);
"sole practitioner" has the same meaning as in the Legal Practice Act 1996 ;'.
(2) After section 9(2) of the Principal Act insert —
'(2A) This Part does not apply to any amount of unclaimed money or unclaimed trust property the value of which is less than $20 or the prescribed amount (whichever is higher) payable or transferable to any owner.
(2B) For the purposes of the definitions of "unclaimed moneys" and "owner" in sub-section (1), in determining whether money is legally payable to the owner or whether a person is entitled to money, no account is to be taken of whether or not—
(a) the owner or person is required to take any action by way of demand or otherwise to claim or recover the money; or
(b) there is or has been any shift in entitlement to the money accompanied by an arrangement or undertaking (whether enforceable or not) to pay the owner or person if the owner or person subsequently makes a claim.
(2C) Despite sub-section (2B), money is not unclaimed money at any particular time if, at that time, the business holding the money (or an officer of the business if the business is not a natural person) knows or has reason to believe that the owner of the money wishes the business to continue to hold the money.
(2D) However, a business (or an officer of a business if the business is not a natural person) does not have reason to believe that an owner of money wishes the business to continue to hold the money merely because the owner does not respond to a communication from the business (or does not respond as specified in the communication), even if the terms of the communication suggest that the owner's failure to respond indicates such a wish.
(2E) A reference in this Act to a business holding unclaimed moneys includes a reference to the business holding those moneys as a trustee.'.
(3) After section 9(3) of the Principal Act insert —
'(4) For the purposes of the definition of "reasonable expenses" in sub-section (1), the Registrar may from time to time, by instrument, determine that kinds of expenses specified in the instrument are reasonable expenses.'.