(1) The account established and maintained by the Bank immediately before the coming into operation of this section and known as the deposit protection account shall continue to be maintained by the Bank and to be known by that name.
(2) The Bank shall establish, hold and administer a fund, referred to in this Act as the "legacy fund", consisting of funds transferred in accordance with subsection (3).
(3) Where a credit institution maintains covered deposits, those funds relating to that credit institution standing to the credit of the deposit protection account to the amount of 0.2 per cent of covered deposits at a date determined by the Bank shall be transferred by the Bank to the legacy fund.
(4) The balance of funds relating to a credit institution that remain in the deposit protection account on the date of the transfer referred to in subsection (3) shall be returned by the Bank to the credit institution concerned.
(5) The legacy fund shall cease to operate on the occurrence of on
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