(1) For the purposes of this Act an eligible amount owing by virtue of a collective scheme investment is "dormant" at a particular time if either (or both) of the following two conditions is met in relation to the amount at that time.
(2) The first condition, applicable to share or unit conversion proceeds, is that the responsible institution regards the person to whom the proceeds are payable as having been gone-away throughout the preceding 12 years.
(3) The second condition, applicable to an amount which is not share or unit conversion proceeds, is that the responsible institution regards the person to whom the amount is payable as having been gone-away throughout the preceding 6 years.
(4) For the purposes of subsections (2) and (3), a responsible institution may regard a person as having been "gone-away" throughout a period if the responsible institution has received no communication from that person (or a person acting on behalf of that person) during that period.
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