(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).
(3) In this Act "investment institution" in relation to an amount owing by virtue of a collective scheme investment, means a person who -(a) under Part 4A of FSMA 2000 has permission to carry out activities of a kind mentioned in subsection (4),(b) owes the amount in the course of, or in connection with, carrying on activities covered by that permission, and(c) has its head office or an establishment in the United Kingdom,other than a person who is specif
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