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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 6 June 2022 - onwards
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Article 63N Dormant account funds

(1) The following are specified kinds of activity -

(a) the meeting of repayment claims by a reclaim fund;

(b) the management of dormant assets funds (including the investment of such funds) by a reclaim fund.

(c) dealing with unwanted asset money.

(2) In this article -

"dealing with unwanted asset money" means -

(a) the acceptance of transfers of amounts as mentioned in section 21(2)(b) of the Dormant Assets Act 2022, and

(b) dealing with those funds (so far as they are not needed for either of the purposes mentioned in section 5(1)(c)(ii) or (iii) of the Dormant Bank and Building Society Accounts Act 2008)

with a view to their transfer to the body or bodies for the time being specified in section 16 of the Dormant Bank and Building Society Accounts Act 2008;"

"dormant assets funds", "reclaim fund" and "repayment claims" have the same meaning as in section 5 of that Act;

"management of dormant assets funds" means -

(a) the acceptance of transfers of amounts as mentioned in section 1(1

Comparing proposed amendment...