Dormant Accounts Act, 2001
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Chapter 4 Dormant Accounts Fund | ||
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Dormant Accounts Fund. |
17.—(1) The Agency shall establish a fund to be known as the Dormant Accounts Fund. | |
(2) The Agency shall manage and control the Fund in accordance with this Act and shall have all the powers (including the power to charge fees, payable from the Fund, in relation to the management and control of the Fund) that are necessary for or incidental to the performance of its functions. | ||
(3) The Fund shall consist of a reserve account and an investment and disbursements account. | ||
(4) The Agency shall pay into the reserve account, from time to time, the amount that the Agency determines, with the approval of the Minister given with the consent of the Minister for Finance, for the purposes of— | ||
(a) defraying— | ||
(i) the fees, costs and expenses incurred by the Agency and the Board in the performance of its functions under this Act, and | ||
(ii) the remuneration, fees and allowances for expenses of the inspectors who may be authorised by the Minister under section 22 , | ||
and | ||
(b) making repayments under section 19 or 29. | ||
(5) All other moneys standing to the credit of the Fund shall be paid into the investment and disbursements account. | ||
(6) Whenever the moneys in the reserve account are insufficient to meet the liabilities of the Fund specified in subsection (4), there shall be paid into that account from the investment and disbursements account the moneys that are necessary to meet those liabilities. | ||
(7) (a) Subject to paragraph (b), whenever the moneys in the investment and disbursements account are insufficient to meet the deficiency of the reserve account, there shall be paid into the reserve account out of the Central Fund or the growing produce thereof, amounts not exceeding the amount of the deficiency. | ||
(b) Where moneys are paid into the reserve account under paragraph (a), the Agency shall, as soon as practicable, repay the moneys to the Central Fund from surplus moneys remaining in the Fund after appropriate provision has been made in relation to— | ||
(i) the liabilities of the Fund specified in subsection (4), and | ||
(ii) any prospective or contingent liabilities of the Fund for which, in the opinion of the Agency, provision should be made out of those moneys. | ||
(8) The Public Offices Fees Act, 1879, does not apply to any fees charged under this section. |