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1(1)The articles of association of a reclaim fund must make provision—E+W+S+N.I.
(a)allowing it to defray its expenses out of its income, but
(b)preventing the defraying of expenses that are unreasonable, or to the extent that they are unreasonable.
(2)For the purposes of this paragraph “expenses” includes, in particular, the costs of—
(a)paying fees or remuneration to any member, officer, employee or other person for services provided to the reclaim fund in connection with the carrying out of its functions;
(b)reimbursing any person incurring costs in relation to services provided in connection with the formation of the fund.
2The articles of association of a reclaim fund must make provision preventing a distribution, including a distribution on winding up, of any of its income or assets to its members (except as allowed for by provision made by virtue of paragraph 1).E+W+S+N.I.
3(1)The articles of association of a reclaim fund must make provision requiring it to publish, as soon as possible after the end of each financial year of the fund—E+W+S+N.I.
(a)its annual accounts and reports for that year (within the meaning given by section 471 of the Companies Act 2006 (c. 46));
(b)the name of each bank and building society that transferred money to the fund in that year and the amount transferred by each one;
(c)the name of each bank and building society in respect of whose accounts payments were made from the fund in that year following repayment claims and, in relation to each of those banks and building societies, the total of the payments made;
(d)the total amount transferred in that year to the body or bodies for the time being specified in section 16(1).
(2)For the purposes of sub-paragraph (1)(c)—
(a)“repayment claims” means claims made by virtue of section 1(2)(b) or 2(2)(b);
(b)where an account was previously operated by a bank or building society as part of a business currently carried on by another bank or building society (“the successor”), the account is treated as that of the successor.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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