Regulation 6 Section 12(3) cases

(1)

Regulations 7 to 10 apply in any case to which paragraph (2) or (3) applies.

(2)

This paragraph applies in any case where—

(a)

the aggregate amount standing to the credit of the body in such accounts as are mentioned in section 12(2) does not exceed £5,000;

(b)

it appears to the nominee that no person may be concerned in the management or control of that body; and

(c)

it appears to the nominee that there may be no circumstances relating to the body which would make it inappropriate for him to transfer the balance standing to the credit of that body in such accounts as are mentioned in section 12(2) to another recognised body in terms of section 12(3) or (4).

(3)

This paragraph applies in any case where, by virtue of section 12(6), section 12(3) applies as regards the body and such accounts as are mentioned in section 12(2).

(4)

Any body in respect of which paragraph (2) or (3) above applies is referred to in Regulations 7 to 10 as “the dormant body”.