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Dormant Bank and Building Society Accounts Act 2008

Section 26: Expenses

88.This section allows the Fund to defray any expenses incurred in carrying out its obligations set out in the Act. Such expenses will be deducted from dormant account money before it is apportioned for distribution.

89.This section also allows the Secretary of State to reclaim expenses incurred in carrying out the functions set out in this Act. The combined effect of section 17(3) and subsection (3) of this section is that these expenses are to be defrayed from dormant account money before apportionment for distribution, with the exception of expenses incurred in relation to the giving of directions for English expenditure. Subsection (3)(a) gives the Secretary of State the power to deduct these expenses from the sums apportioned for English spending. Subsections (6) to (10) give the devolved administrations the power to defray expenses incurred under the Act from the sums apportioned for distribution in their country.

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