Dormant Bank and Building Society Accounts Bill [HL]

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Session 2007 - 08
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Dormant Bank and Building Society Accounts Bill [HL]

Dormant Bank and Building Society Accounts Bill [HL]

EXPLANATORY NOTES
Explanatory notes to the Bill, prepared by Her Majesty’s Treasury, are published
separately as Bill 80—EN.
EUROPEAN CONVENTION ON HUMAN RIGHTS
Angela Eagle has made the following statement under section 19(1)(a) of the Human
Rights Act 1998:
In my view the provisions of the Dormant Bank and Building Society Accounts Bill
[HL] are compatible with the Convention rights.

Bill 80
54/3

Dormant Bank and Building Society Accounts Bill [HL]

Bill 80 54/3

Dormant Bank and Building Society Accounts Bill [HL]

Contents
Part 1
Transfer of balances in dormant accounts
The general scheme
1
Transfer of balances to reclaim fund
Alternative scheme for building societies and smaller banks
2
Transfer of balances to charities, with proportion to reclaim fund
3
The assets-limit condition
Shareholding members of building societies
4
Effect of balance transfer on membership rights
Reclaim funds
5
Functions etc of a reclaim fund
6
Parliamentary accountability of reclaim fund
Interpretation etc
7
Interpretation of Part 1
8
“Bank”
9
“Balance”
10
“Account”
11
“Dormant”
Supplemental
12
Triennial report to Parliament
13
Customer’s rights preserved on insolvency etc of bank or building society
14
Disclosure of information
15
Banks making transfers under section 2 : information in directors’ reports

Bill 80
54/3

Dormant Bank and Building Society Accounts Bill [HL]
ii

Amendments
16
Amendments to the Financial Services and Markets Act 2000
Part 2
Distribution of money under the general scheme
The distribution system: general
17
Distribution of dormant account money by Big Lottery Fund
18
Apportionment of dormant account money
Distribution for England, Wales, Scotland and Northern Ireland
19
Distribution of money for meeting English expenditure
20
Distribution of money for meeting Welsh expenditure
21
Distribution of money for meeting Scottish expenditure
22
Distribution of money for meeting Northern Ireland expenditure
Powers of Secretary of State or appropriate national authority
23
Directions to Big Lottery Fund
24
Power to prohibit distribution in certain cases
25
Power to add or remove distributors
Supplemental
26
Power of Big Lottery Fund to enter into arrangements
27
Expenses
Interpretation
28
Interpretation of Part 2
Part 3
Final provisions
29
Orders
30
Directions
31
Extent
32
Commencement
33
Short title
Schedule 1   —
Provision to be made in articles of association of reclaim fund
Schedule 2   —
Amendments to the Financial Services and Markets Act 2000
Schedule 3   —
Further provision about the functions of the Big Lottery Fund
Part 1   —
Strategic plans
Part 2   —
Delegation etc
Part 3   —
Reports and accounts

Dormant Bank and Building Society Accounts Bill [HL]
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Part 4   —
Miscellaneous powers

© Parliamentary copyright 2008
Revised 28 February 2008