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Department determines to be appropriate for defraying expenses incurred or |
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to be incurred by that Department under this Act. |
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28 | Interpretation of Part 2 |
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“dormant account money” has the meaning given by section 17(2); |
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“English expenditure”, “Welsh expenditure”, “Scottish expenditure” and |
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“Northern Ireland expenditure” have the meaning given by section |
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“financial year” means a period of 12 months ending with 31 March; |
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“reclaim fund” has the meaning given by section 5(1). |
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(2) | A reference in this Part to the distribution of money is to be read as including |
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a reference to making or entering into arrangements in accordance with section |
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17(3), and related expressions are to be read accordingly. |
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A power of the Treasury or the Secretary of State to make an order under this |
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Act is exercisable by statutory instrument. |
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(1) | A direction under this Act must be given in writing. |
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(2) | A direction under this Act may be varied or revoked by a subsequent direction. |
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This Act extends to England and Wales, Scotland and Northern Ireland. |
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(1) | Parts 1 and 2 come into force in accordance with provision made by order of |
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(2) | An order under this section— |
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(a) | may make different provision for different purposes; |
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(b) | may make transitional or saving provision. |
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(1) | This Act may be cited as the Dormant Bank and Building Society Accounts Act |
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Provision to be made in articles of association of reclaim fund |
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1 (1) | The articles of association of a reclaim fund must make provision— |
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(a) | allowing it to defray its expenses out of its income, but |
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(b) | preventing the defraying of expenses that are unreasonable, or to the |
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extent that they are unreasonable. |
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(2) | For the purposes of this paragraph “expenses” includes, in particular, the |
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(a) | paying fees or remuneration to any member, officer, employee or |
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other person for services provided to the reclaim fund in connection |
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with the carrying out of its functions; |
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(b) | reimbursing any person incurring costs in relation to services |
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provided in connection with the formation of the fund. |
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No distribution to members |
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2 | The articles of association of a reclaim fund must make provision preventing |
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a distribution, including a distribution on winding up, of any of its income |
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or assets to its members (except as allowed for by provision made by virtue |
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Publication of information |
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3 (1) | The articles of association of a reclaim fund must make provision requiring |
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it to publish, as soon as possible after the end of each financial year of the |
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fund, the following information in relation to that year— |
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(a) | the name of each bank and building society that transferred money |
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to the fund and the amount transferred by each one; |
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(b) | the name of each bank and building society in respect of whose |
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accounts payments were made from the fund following repayment |
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claims and, in relation to each of those banks and building societies, |
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the total of the payments made; |
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(c) | the total amount transferred to the body or bodies for the time being |
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specified in section 17(1). |
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(2) | For the purposes of sub-paragraph (1)(b)— |
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(a) | “repayment claims” means claims made by virtue of section 1(2)(b) |
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(b) | where an account was previously operated by a bank or building |
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society as part of a business currently carried on by another bank or |
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building society (“the successor”), the account is treated as that of the |
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Amendments to the Financial Services and Markets Act 2000 |
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1 (1) | Schedule 2 (regulated activities) is amended as follows. |
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(2) | For the heading to Part 1 there is substituted “Regulated activities: |
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(3) | After that Part there is inserted— |
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Regulated activities: reclaim funds |
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Activities of reclaim funds |
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9A (1) | The matters with respect to which provision may be made under |
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section 22(1) in respect of activities include, in particular, any of |
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the activities of a reclaim fund. |
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(2) | “Reclaim fund” has the meaning given by section 5(1) of the |
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Dormant Bank and Building Society Accounts Act 2008.” |
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2 | After section 106 there is inserted— |
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“106A | Reclaim fund business transfer scheme |
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(1) | A scheme is a reclaim fund business transfer scheme if, under the |
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scheme, the whole or part of the business carried on by a reclaim |
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fund is to be transferred to one or more other reclaim funds. |
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(2) | “Reclaim fund” has the meaning given by section 5(1) of the Dormant |
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Bank and Building Society Accounts Act 2008.” |
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3 | In section 107 (application for order sanctioning transfer scheme), in |
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subsection (1), for “or a banking business transfer scheme” there is |
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substituted “, a banking business transfer scheme or a reclaim fund business |
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4 (1) | Section 111 (sanction of the court for business transfer schemes) is amended |
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(2) | In subsection (1), for “or a banking business transfer scheme” there is |
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substituted “, a banking business transfer scheme or a reclaim fund business |
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(a) | at the beginning of paragraph (a) there is inserted “in the case of an |
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insurance business transfer scheme or a banking business transfer |
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(b) | after that paragraph there is inserted— |
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“(aa) | in the case of a reclaim fund business transfer scheme, |
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the appropriate certificate has been obtained (as to |
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which see Part 2A of that Schedule);”. |
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5 | In Schedule 12, after Part 2 there is inserted— |
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Reclaim fund business transfer schemes |
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Certificate as to financial resources |
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9A | For the purposes of section 111(2) the appropriate certificate, in |
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relation to a reclaim fund business transfer scheme, is a certificate |
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given by the Authority certifying that, taking the proposed |
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transfer into account, the transferee possesses, or will possess |
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before the scheme takes effect, adequate financial resources.” |
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6 (1) | Section 359 (administration order) is amended as follows. |
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(2) | In subsection (3) (persons treated as unable to pay their debts), the “and” at |
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the end of paragraph (a) is omitted and at the end of paragraph (b) there is |
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(c) | an authorised reclaim fund in default on an obligation to pay |
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a sum payable as a result of a claim made by virtue of section |
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1(2)(b) or 2(2)(b) of the Dormant Bank and Building Society |
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(3) | In subsection (4) (definitions), at the appropriate place there is inserted— |
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““authorised reclaim fund” means a reclaim fund within the meaning |
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given by section 5(1) of the Dormant Bank and Building Society |
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Accounts Act 2008 that is authorised for the purposes of this Act;”. |
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7 | After section 369 there is inserted— |
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“369A | Reclaim funds: service of petition etc on Authority |
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(1) | If a person other than the Authority presents a petition for the |
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winding up of an authorised reclaim fund, the petitioner must serve |
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a copy of the petition on the Authority. |
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(2) | If a person other than the Authority applies to have a provisional |
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liquidator appointed under section 135 of the 1986 Act (or Article 115 |
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of the 1989 Order) in respect of an authorised reclaim fund, the |
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applicant must serve a copy of the application on the Authority. |
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(3) | In this section “authorised reclaim fund” means a reclaim fund |
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within the meaning given by section 5(1) of the Dormant Bank and |
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Building Society Accounts Act 2008 that is authorised for the |
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