(1) Subject to section 11, except where a dormant account holder has been previously notified under this section in respect of the account concerned, each holder of a dormant account shall be notified, in writing, by the institution concerned of the following:

(a) the name and current address of the institution and any information regarding a change of name since the opening of the account concerned;

(b) that a dormant account is held at the institution to which the holder appears to be entitled;

(c) that if a transaction is not effected on the account on or before 31 March next following, the moneys in the account will be transferred to the Fund without further notice to the account holder;

(d) that the account holder is entitled, subject to this Act, to claim repayment of the moneys in the account from the institution concerned;

(e) any other matters that may be prescribed.