Dormant Bank and Building Society Accounts Act 2008

1. Introduction

2. Background

3. Summary

4. Overview of the Structure

5. Territorial Extent

6. Territorial Application: Wales

7. Commentary on Sections and Schedules

   1. Part 1: Transfer of balances in dormant accounts

      1. Section 1: Transfer of balances to reclaim fund

      2. Section 2: Transfer of balances to charities, with proportion to reclaim fund

      3. Section 3: The assets-limit condition

      4. Section 4: Effect of balance transfer on membership rights

      5. Section 5: Functions of a reclaim fund and Schedule 1: Provision to be made in articles of association of reclaim fund

      6. Section 6: Interpretation of Part 1

      7. Section 7: “Bank”

      8. Section 8: “Balance”

      9. Section 9: “Account”

      10. Section 10: “Dormant”

      11. Section 11: Customer’s rights preserved on insolvency of bank or building society

      12. Section 12: Disclosure of information

      13. Section 13: Banks making transfers under section 2: information in directors’ reports

      14. Section 14: Review and report to Parliament

      15. Section 15 and Schedule 2: Amendments to the Financial Services and Markets Act 2000

   2. Part 2: Distribution of money under the general scheme

      1. Section 16: Distribution of dormant account money by Big Lottery Fund

      2. Section 17: Apportionment of dormant account money

      3. Sections 18- 21: Distribution of money for meeting English, Welsh, Scottish and Northern Ireland expenditure

      4. Section 22: Directions to Big Lottery Fund

      5. Section 23: Power to prohibit distribution in certain cases

      6. Section 24: Power to add or remove distributors

      7. Section 25: Power of Big Lottery Fund to enter into arrangements

      8. Section 26: Expenses

      9. Section 27: Interpretation of Part 2

   3. Schedule 3: Further provision about the functions of the Big Lottery Fund

8. Commencement

9. Hansard References