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| | Tuesday 14th October 2008 |
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| | Dormant Bank and Building Society Accounts Bill [Lords]
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| | | (1) | the Committee shall (in addition to its first meeting at 10.30 a.m. on Tuesday |
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| | | (a) | at 2.30 p.m. on Wednesday 15th October; |
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| | | (b) | at 9.00 a.m. and 1.00 p.m. on Thursday 16th October; |
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| | | (2) | the proceedings shall be taken in the following order: Clauses 1-5; Schedule |
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| | | 1; Clauses 6 to 16; Schedule 2; Clause 17; Schedule 3; Clauses 18 to 33; new |
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| | | Clauses; new Schedules; remaining proceedings on the Bill; |
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| | | (3) | the proceedings shall (so far as not previously concluded) be brought to a |
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| | | conclusion at 4.30 p.m. on Thursday 16th October. |
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| | | That, subject to the discretion of the Chairman, any written evidence received by the |
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| | | Committee shall be reported to the House for publication. |
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| | Clause 1, page 1, line 6, leave out from ‘fund’ to end of line 8 and insert— |
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| | | ‘(i) | the balance of a dormant account that a person (“the customer”) |
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| | | (ii) | the name, date of birth and last known address of that customer, |
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| | Clause 1, page 1, line 15, at end insert— |
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| | | ‘( ) | The reference in subsection (1) to an account that a person holds is to be read as |
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| | | including an account held by a deceased individual immediately before his or her |
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| | | | In such a case, a reference in subsection (2) to the customer is to be read as a |
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| | | reference to the person to whom the right to payment of the balance has passed.’. |
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| | | Clause, as amended, Agreed to. |
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| | Clause 2, page 2, line 1, leave out ‘building society or a smaller bank’ and insert |
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| | ‘smaller bank or building society’. |
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| | Clause 2, page 2, line 19, at end insert— |
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| | | ‘( ) | The reference in subsection (1) to an account that a person holds is to be read as |
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| | | including an account held by a deceased individual immediately before his or her |
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| | | | In such a case, a reference in subsection (2) to the customer is to be read as a |
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| | | reference to the person to whom the right to payment of the balance has passed.’. |
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| | Clause 2, page 2, line 27, after ‘bank’, insert ‘or building society’. |
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| | | Clause, as amended, Agreed to. |
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| | Clause 3, page 2, line 43, after ‘bank’, insert ‘or building society’. |
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| | Clause 3, page 2, line 46, after ‘bank’, insert ‘or building society’. |
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| | Clause 3, page 3, line 11, leave out from ‘section’ to end of line 11 and insert ‘may |
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| | not be made unless a draft of the regulations has been laid before, and approved by a |
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| | resolution of, the House of Commons.’. |
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| | | Clause, as amended, Agreed to. |
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| | Clause 5, page 4, line 32, at end insert— |
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| | | ‘(4A) | Any direction given under this section may not be made unless a draft statutory |
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| | | instrument containing such a direction has been laid before, and approved by a |
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| | | resolution of, each House of Parliament.’. |
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| | Schedule 1, page 17, line 24, leave out ‘, the following information in relation to |
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| | Schedule 1, page 17, line 24, at end insert— |
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| | | ‘( ) | its annual accounts and reports for that year (within the meaning given |
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| | | by section 471 of the Companies Act 2006 (c. 46));’. |
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| | Schedule 1, page 17, line 26, after ‘fund’, insert ‘in that year’. |
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| | Schedule 1, page 17, line 28, after ‘fund’, insert ‘in that year’. |
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| | Schedule 1, page 17, line 31, after ‘transferred’, insert ‘in that year’. |
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| | Schedule 1, page 17, line 32, at end insert— |
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| | | ‘(d) | the name of each bank and building society in existence who did not |
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| | | transfer money to the fund.’. |
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| | | Schedule, as amended, Agreed to. |
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| | Page 4, line 40, leave out Clause 6. |
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| Clause 7, page 5, line 31, at end add— |
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| | | ‘“transaction” means any customer-initiated contact with the bank or |
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| | | Clauses 8 to 10 Agreed to. |
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| | Clause 11, page 6, line 37, at end insert ‘and, |
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| | | (c) | the bank or building society in question has exhausted all reasonable |
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| | | efforts to inform the account holder of the funds that bank or building |
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| | | society holds on their behalf.’. |
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| | Clause 11, page 6, line 38, leave out ‘at any time during that period’. |
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| | Clause 11, page 7, line 3, at end insert ‘in all circumstances’. |
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| | Clause 11, page 7, line 3, at end insert— |
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| | | ‘(2A) | Where under the terms of the account withdrawals were prevented or there was a |
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| | | penalty or other disincentive for making withdrawals, the period of dormancy as |
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| | | set out in subsection (1)(a) above will start when withdrawals can be made or |
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| | | when the penalty or other disincentive expires’. |
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| | Clause 11, page 7, line 4, leave out subsection (3). |
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| | [Adjourned till Wednesday at 2.30 p.m. |
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