Dormant Accounts Act, 2001
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PART 4 Intestate Estates Fund Deposit Account | ||
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Amendment of State Property Act, 1954. |
28.—The State Property Act, 1954 , is amended in section 36 by the insertion of the following after subsection (1)(a): | |
“(aa) transferred to the Dormant Accounts Fund established under the Dormant Accounts Act, 2001, or”, | ||
and the section as so amended is set out in the Table to this section. | ||
TABLE | ||
36.—(1) The Minister may from time to time direct that certain specified moneys or securities, standing to the credit of the account under his control and known as the Intestate Estates Fund Deposit Account, be— | ||
(a) paid into, or transferred to, the Savings Certificates Reserve Fund and placed to the credit of the Principal Reserve Account, or | ||
(aa) transferred to the Dormant Accounts Fund established under the Dormant Accounts Act, 2001, or | ||
(b) paid into or disposed of for the benefit of the Exchequer in such manner as he may direct. | ||
(2) Nothing in subsection (1) of this section shall preclude the Minister from making out of the Intestate Estates Fund Deposit Account— | ||
(a) payments in connection with the administration of the estates of deceased persons (including payments in respect of funeral expenses, debts, expenses of administration and bounties), and | ||
(b) such other payments as he thinks proper. |