(1) This section applies where -

(a) an investment institution transfers to an authorised reclaim fund a dormant eligible amount owing by virtue of a collective scheme investment, and

(b) the reclaim fund consents to the transfer.

(2) On the transfer of the amount -

(a) a person to whom the amount is payable immediately before the transfer ceases to have any right against any investment institution to payment of the amount, but

(b) that person acquires against the reclaim fund a right to payment of the reclaim amount (see section 11).