Article 4 Activities of reclaim funds
After article 63M (other exclusions) [Article 63M is inserted by S.I. 2009/1342 as from 1st July 2009.] insert -
"Chapter 15D Activities of Reclaim Funds
The activities
(1) The following are specified kinds of activity -
(a) the meeting of repayment claims by a reclaim fund;
(b) the management of dormant account funds (including the investment of such funds) by a reclaim fund.
(2) In this article -
"account", "balance", "dormant" and "reclaim fund" have the same meaning as in Part 1 of the Dormant Bank and Building Society Accounts Act 2008 (transfer of balances in dormant accounts) (see section 6 of that Act);
"dormant account funds" and "repayment claims" have the same meaning as in section 5 of that Act;
"management of dormant account funds" means the acceptance of a transfer from a bank or building society of the balance of a dormant account, or a proportion of such a balance, and the management of those funds in such a way as to enable the reclaim fund to meet whatever repayment claims it is prudent to anticipate.".