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Dormant Bank and Building Society Accounts Act 2008

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This is the original version (as it was originally enacted).

16Distribution of dormant account money by Big Lottery Fund

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(1)Subject to the provisions of this Part, the Big Lottery Fund shall distribute dormant account money for meeting expenditure that has a social or environmental purpose.

(2)In this Part “dormant account money” means money transferred to the Big Lottery Fund by a reclaim fund in pursuance of the object mentioned in section 5(1)(c), and also includes the proceeds of such money invested under—

(a)paragraph 20(1) of Schedule 4A to the National Lottery etc. Act 1993 (c. 39), or

(b)arrangements made under section 25(1).

(3)The Fund may make grants or loans, or make or enter into other arrangements, for the purpose of complying with subsection (1).

(4)A grant or loan may be subject to conditions (which may, in particular, include conditions as to repayment with interest).

(5)For the purposes of this Part, distributing money for meeting expenditure of a particular description includes distributing money for the purpose of establishing, or contributing to, endowments (including permanent endowments) in connection with expenditure of that description.

(6)Schedule 3 makes further provision about the functions of the Fund in relation to dormant account money.

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