Section 352 - Company Liquidation Dividend and Undistributed Assets Account

Deposit of unclaimed liquidation dividends required; Registrar may pay claims, unclaimed funds transfer to government after period.

Liquidators must deposit into a Company Liquidation Dividend and Undistributed Assets Account any unpaid dividends or undistributed contributory assets remaining six months after entitlement or held at dissolution, furnish a prescribed statement to the Registrar identifying claimants and entitlements, and obtain a bank receipt as discharge; claimants may apply to the Registrar for payment, unclaimed funds after fifteen years transfer to government revenue though claims may be later preferred, and defaulting liquidators face interest, penalties, expense liability and possible disallowance or removal.