Dormant Bank and Building Society Accounts Act 2008

Dormant Bank and Building Society Accounts Act 2008

2008 CHAPTER 31

Commentary on Sections and Schedules

Part 2: Distribution of money under the general scheme

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

86. The Fund has only a limited power, under the National Lottery etc Act 1993, to hold and invest money in an interest-bearing account. Money is managed by the National Lottery Distribution Fund. This section gives the Fund the power to make arrangements for another body to hold or invest dormant account money allocated to it, on its behalf. Subsection (4)(a) of section 22 gives the Secretary of State the power to give directions restricting the nature of the arrangements into which the Fund can enter.

87. Subsection (2) enables a reclaim fund, following arrangements with the Fund, to make payments on the Fund’s behalf directly to the Consolidated Fund to defray expenses incurred by the Secretary of State in carrying out functions under this Act. Similarly, it allows a reclaim fund and the Fund to arrange for the reclaim fund to make payments on the Fund’s behalf to the devolved administrations, to defray expenses incurred by those administrations.