The Short Title of this Act is “The Unclaimed Moneys Act, 1908.”

This Act is a consolidation of the enactments mentioned in the First Schedule hereto, and with respect to those enactments the following provisions shall apply:—

Savings.

In this Act, if not inconsistent with the context,—

It shall be the duty of every company, on the first day of January in each year, to enter in an alphabetical register, to be kept by such company at its head or principal office in New Zealand, in the form in the Second Schedule hereto or to the effect thereof, and with the particulars therein specified, all unclaimed moneys in New Zealand in any account which has not been operated upon by the owner for six years; and from and after the eighth day of January in each year such register shall be open to the inspection of all persons at such head or principal office during the hours within which the company transacts its ordinary business, on payment of a fee of two shillings.

A copy of every such register shall be published by the company in the Gazette annually once during the month of January, and within seven days after such publication the company shall, by letter addressed to him at his last known place of business or abode, post to every person whose name appears in such register as the owner of unclaimed money a notice specifying the amount of such money and the fact that it is entered in such register as unclaimed money.

Any company failing to keep such register, or to publish such copy, or refusing inspection thereof shall be liable to a fine not exceeding two pounds for every day during which such default or refusal continues, and every company failing or neglecting to duly post such notice shall be liable to a fine not exceeding one pound.

All unclaimed moneys which have not been paid by the company to the owner thereof within two years after the first publication of such notice in the Gazette shall be paid by the company to the Postmaster in charge of the post-office at any money-order post-office in New Zealand, or to any office in New Zealand of the bank at which for the time being the Public Account of New Zealand is kept, to the credit of the Minister, for the use of the public revenue, and the company shall thereafter be relieved from all further liability in respect of the money so paid.

The company may deduct out of all unclaimed moneys payable by the company to the credit of the Minister, or to any claimant, the expenses paid by the company in the publication of the notice herein-before referred to.

The Minister may, at any time after the publication of any notice as aforesaid, examine any of the accounts relating to the unclaimed moneys in such notice referred to, and may for that purpose require the production before him, or before such public officer as he may appoint, of any book, vouchers, or documents referring to such moneys; and if any error is found in any register or notice aforesaid he may direct the register or notice, or both of them, to be amended.

If any claimant makes any demand against the Minister for any money paid to him, the Minister, on being satisfied that the claimant is the owner of the money demanded by him, shall order and direct payment thereof to be made to him.

Where any unclaimed moneys paid to any claimant are afterwards claimed by any other person, the Minister shall not be responsible for the payment of the same, but such person may have recourse against the claimant to whom the Minister has paid the unclaimed moneys.