(1) This section sets out the meaning for the purposes of this Act of "dormant" in relation to the different kinds of eligible proceeds or distribution.
(2) Eligible share conversion proceeds are, or an eligible distribution is, "dormant" at a particular time if, at that time, the traded public company concerned regards the relevant individual as having been gone-away throughout the preceding 12 years.
(3) For the purposes of subsection (2) -
(a) the relevant individual is the individual in whose name the share was registered immediately before its conversion, and
(b) a company may regard an individual as "gone-away" throughout a period if it has received no communication from the individual (or any person acting on behalf of that individual) during that period.
(4) Eligible corporate action proceeds are "dormant" after a period of at least 12 years -
(a) beginning with the day on which the traded public company concerned is notified of the consideration in relation to the corporate ac
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