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Stannaries Act 1887

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29Unclaimed money

When and as often after the commencement of this Act as the registrar of the court shall have standing in his name in the Bank of England, or in either of the local banks in which he has been duly authorised to open accounts as registrar, any moneys which have become distributable or payable under orders of the court in creditors or pursers suits, or in matters arising out of the winding-up of companies, pursuant to the Companies Act, 1862, or any other Act, and which have remained unclaimed by or on behalf of any person thereto entitled for a period of two years, and the registrar shall report the same to the vice-warden, the vice-warden is hereby empowered to cause to be invested, in the joint names of himself and the registrar, in Government securities, the whole or any portion of such moneys, without prejudice to the claim of any person entitled to any part of the principal sums, and the income thereof, and the income derived from a sum of two hundred and seventeen pounds five shillings and fourpence, now standing in the joint names of the vice-warden and the registrar, in the Three Pound per Cent. Consolidated Bank Annuities, under the authority of an order of the vice-warden, approved by the Lord Chancellor, sanctioning the investment o£ a portion of the amount of unclaimed deposits pursuant to the sixty-first section of seventh and eighth Victoria, chapter one hundred and five, and the income to be derived from any further investments which may hereafter be made under the same authority shall be allowed to accumulate; and the said several incomes meanwhile shall be kept as separate funds apart from the ordinary fees of the court arising from other business; and be it further enacted, that the expense of making the said investments, or any re-investments of the unapplied produce thereof in the like securities, and any expenses which may be incurred in the sales of stock, to satisfy the claims of parties who may be entitled thereto, and any expenses of keeping the necessary accounts, shall be a first charge upon the income derived from the securities.

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