Dormant Accounts Act, 2001

Chapter 2

Notification Procedure

Notification procedure.

10.—(1) Subject to section 11 , except where a dormant account holder has been previously notified under this section in respect of the account concerned, each holder of a dormant account shall be notified, in writing, by the institution concerned of the following:

(a) the name and current address of the institution and any information regarding a change of name since the opening of the account concerned;

(b) that a dormant account is held at the institution to which the holder appears to be entitled;

(c) that if a transaction is not effected on the account on or before 31 March next following, the moneys in the account will be transferred to the Fund without further notice to the account holder;

(d) that the account holder is entitled, subject to this Act, to claim repayment of the moneys in the account from the institution concerned;

(e) any other matters that may be prescribed but which shall, without prejudice to the generality hereof, notify the account holder that his account can be reclaimed at all times subject to the provisions of this Act.

(2) The notification referred to in subsection (1) shall be sent by ordinary post to the last known address of the account holder—

(a) as soon as practicable after 31 March 2002, and

(b) in each subsequent year, as soon as practicable after 30 September.

(3) An institution that fails to notify an account holder under this section shall be guilty of an offence.