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Article 60 Disposal of unclaimed securities in court

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Where any securities (including Common Investment Fund units) are carried over under rule 57, or are standing to an account of unclaimed balances on 1st June 1987 the Accountant General shall sell the securities and pay the proceeds into the account of unclaimed balances.

(2)

The Accountant General shall write-off any securities carried over under rule 57 or standing to an account of unclaimed balances on 1st June 1987 which have no value.

(3)

Where any sum carried over under rule 57 stands to an interest bearing account the Accountant General shall withdraw the sum and place it to the account of unclaimed balances.