Dormant Bank and Building Society Accounts Bill [HL]

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House of Lords

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 HL Bill 2—EN.
EUROPEAN CONVENTION ON HUMAN RIGHTS
Lord Davies of Oldham 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.

HL Bill 2
54/3

Dormant Bank and Building Society Accounts Bill [HL]

HL Bill 2 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 smaller institutions
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
Interpretation etc
6
Interpretation of Part 1
7
“Bank”
8
“Balance”
9
“Account”
10
“Dormant”
Supplemental
11
Customer’s rights preserved on insolvency etc of bank or building society
12
Disclosure of information
13
Banks making transfers under section 2 : information in directors’ reports
Amendments
14
Amendments to the Financial Services and Markets Act 2000

HL Bill 2
54/3

Dormant Bank and Building Society Accounts Bill [HL]
ii

Part 2
Distribution of money under the general scheme
The distribution system: general
15
Distribution of dormant account money by Big Lottery Fund
16
Apportionment of dormant account money
Distribution for England, Wales, Scotland and Northern Ireland
17
Distribution of money for meeting English expenditure
18
Distribution of money for meeting Welsh expenditure
19
Distribution of money for meeting Scottish expenditure
20
Distribution of money for meeting Northern Ireland expenditure
Powers of Secretary of State or appropriate national authority
21
Directions to Big Lottery Fund
22
Power to prohibit distribution in certain cases
23
Power to add or remove distributors
Supplemental
24
Power of Big Lottery Fund to enter into arrangements
25
Expenses
Interpretation
26
Interpretation of Part 2
Part 3
Final provisions
27
Orders
28
Directions
29
Extent
30
Commencement
31
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
Part 4   —
Miscellaneous powers

© Parliamentary copyright 2007
Revised 8 November 2007