(1) This section applies where -
(a) a smaller bank or building society transfers to an authorised reclaim fund an agreed proportion of the balance of a dormant account that a person ("the customer") holds with it,
(b) the bank or building society transfers the remainder of that balance to one or more charities,
(c) the charity, or each of the charities, either -
(i) is a charity that the bank or building society considers to have a special connection with it, or
(ii) undertakes to apply the money in question for the benefit of members of communities that are local to the branches of the bank or building society,
(d) the reclaim fund consents to the transfer to it, and
(e) the charity, or each of the charities, consents to the transfer to it.
(2) After the transfers -
(a) the customer no longer has any right against the bank or building society to payment of the balance, but
(b) the customer has against the reclaim fund whatever right to payment of the balance the customer would have a
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