Central Bank Act, 1989.
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Calculation of certain payments relating to trustee deposits and joint accounts. |
65.—(1) Where— | |
(a) a person maintaining deposits (including, if any, deposits on current accounts) with the holder or former holder of a licence which has become insolvent and is being wound up does so as trustee, and | ||
(b) any beneficiary of the trust concerned is beneficially entitled against the trustees to any identifiable part of that amount, either absolutely or jointly with a fixed number of other beneficiaries, | ||
then, the amount the beneficiary is so entitled to shall be treated, but only for the purpose of ascertaining an appropriate calculation— | ||
(i) where the beneficiary is entitled absolutely, as if it were deposited in a separate account maintained by the beneficiary and legal ownership had passed to the beneficiary, | ||
(ii) where the beneficiary is entitled jointly with a fixed number of other beneficiaries, as if it were deposited in a separate account in the nature of a joint account maintained by the beneficiaries and legal and joint ownership had passed to the beneficiaries concerned. | ||
(2) Where persons (being persons other than trustees or persons to whom subsection (3) applies) maintaining, or treated by virtue of subsection (1) as maintaining, deposits in a joint account (whether a joint deposit account or otherwise with the holder or former holder of a licence which has become insolvent and is being wound up) are entitled to the deposit by virtue of their joint ownership of the moneys on deposit, then they shall each be treated, but only for the purpose of ascertaining an appropriate calculation, as having a separate deposit equal to the amount that would be produced by dividing the moneys concerned by the number of persons to whom the joint account relates. | ||
(3) A deposit to which two or more persons are entitled as members of a partnership (whether or not in equal shares) shall be treated as a single deposit. | ||
(4) The Bank and, where necessary for the purposes of ascertaining an appropriate calculation, the liquidator concerned may require any person maintaining a deposit to which this section may relate to supply sufficient information to enable a determination to be made as to whether the provisions of this section apply to such a deposit. | ||
(5) Where, in a case to which subsection (1) or (2) applies, there are other eligible deposits in relation to the person concerned, those other deposits shall, for the purpose of ascertaining the appropriate calculation, be aggregated with any amount treated as deposits maintained by that person for the purpose of either or both subsection (1) and (2) and the amount so ascertained shall be divided and duly paid to the person concerned and either or both (as the circumstances may require) the trustees concerned and the said person jointly with others, in the same proportion or proportions as the amounts so aggregated bear to each other. | ||
(6) In this section “appropriate calculation” means a calculation for the purposes of subsection (1) or (3) of section 60 . |