Dormant Accounts Act, 2001
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Register of Dormant Accounts. |
14.—(1) Each institution shall keep a register of dormant accounts. | |
(2) Subject to subsection (3), an institution shall enter in the register the following particulars in respect of dormant accounts from which moneys are transferred to the Fund under section 12 : | ||
(a) the name and address of the account holder; | ||
(b) the account number, if any and ascertainable; | ||
(c) if a notification was sent to the account holder under section 10 , the date on which and, if different from the address referred to in paragraph (a), the address to which the notification was sent; | ||
(d) the date on which the account was deemed to be a dormant account; | ||
(e) the date of the transfer to the Fund and the amount transferred; | ||
(f) if the moneys so transferred were repaid to the account holder under section 19 , the date on which the moneys were repaid and the amount repaid; | ||
(g) any other matters that may be prescribed. | ||
(3) Where moneys are transferred to the Fund under section 12 from a petty balances account, subsection (2) does not apply and the following particulars only shall be entered in the register: | ||
(a) the petty balances account number; | ||
(b) the total amount so transferred; | ||
(c) the total amount repaid to account holders from the petty balances account under section 19 . | ||
(4) The register may be kept in any form subject to its being capable of being converted into a legible form and being used to make a legible copy or reproduction of any entry in the register. | ||
(5) (a) Subject to paragraph (b), the register shall not be open to public inspection. | ||
(b) Nothing in paragraph (a) shall be construed as restricting— | ||
(i) the application of the Data Protection Act, 1988 , or | ||
(ii) the right of a person, who proves to the satisfaction of an institution that he or she is, or may be, an account holder, to inspect the register insofar as that account is concerned. | ||
(6) An institution that fails to— | ||
(a) keep a register, or | ||
(b) enter in the register the particulars specified in subsection (2) or (3), | ||
shall be guilty of an offence. |