Dormant Accounts Act, 2001

Non-application of section 12 .

13.—(1) Where—

(a) an institution's licence or authorisation is revoked, withdrawn or suspended,

(b) the Central Bank gives a direction to an institution under—

(i) section 21 (as amended by section 38 of the Central Bank Act, 1989) of the Central Bank Act, 1971 ,

(ii) section 40 of the Building Societies Act, 1989 ,

(iii) section 26 of the Trustee Savings Banks Act, 1989 , or

(iv) Regulation 27 or 29 of the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 ( S.I. No. 395 of 1992 ),

(c) an examiner or adminstrator is appointed by the court to an institution, or

(d) an institution is—

(i) in receivership,

(ii) in liquidation,

(iii) being wound up, or

(iv) otherwise being dissolved,

no moneys shall be transferred after the relevant date by or on behalf of the institution to the Fund under section 12 .

(2) Subsection (1) ceases to apply where, in respect of an institution—

(a) its licence or authorisation is restored or the suspension is terminated,

(b) a direction referred to in subsection (1)(b) is revoked, set aside, terminated or otherwise ceases to have effect, or

(c) the appointment of an examiner or administrator has terminated.

(3) In this section “relevant date” means—

(a) the date of the revocation, withdrawal or suspension of the licence or authorisation, as the case may be, or the date on which the direction is given,

(b) the date of appointment of the examiner or administrator,

(c) the date of appointment of the receiver,

(d) where the institution is being wound up—

(i) in the case of a voluntary winding up, the date of the passing of the resolution for voluntary winding up,

(ii) in the case where, before the presentation of a petition for the winding up by the court, a resolution has been passed for voluntary winding up, the date of the passing of the resolution, and

(iii) in any other case, the date of the presentation of a petition for the winding up by the court,

and

(e) where the institution is otherwise being dissolved, the date of the dissolution.

(4) An institution that fails to comply with subsection (1) shall be guilty of an offence.