Dormant Accounts (Amendment) Act 2012

Consequential amendments to Principal Act.

13.— The Principal Act is amended—

(a) in section 2(1) by deleting the definition of “member”,

(b) in section 6 by substituting the following for subsections (5) and (6):

“(5) Summary proceedings for an offence under this Act may be brought and prosecuted by the Central Bank.”,

(c) in section 17(4) by substituting the following for paragraph (a):

“(a) defraying—

(i) the fees, costs and expenses incurred by the Agency in performing its functions under this Act and the Unclaimed Life Assurance Policies Act 2003 , and

(ii) the remuneration, fees and allowances for expenses of the inspectors who may be authorised by the Central Bank under section 22 or by the regulatory authority under section 19 of the Unclaimed Life Assurance Policies Act 2003 ,”,

and

(d) in section 18 by substituting the following for subsection (1):

“(1) Subject to subsection (2), the Agency shall, as soon as practicable after 30 April in each year, prepare an investment plan for the Fund, having regard to the scheme made by the Minister under section 42 for the disbursement of moneys from the Fund.”.