Article 4 Activities of reclaim funds

After article 63M (other exclusions)^f1 insert—

“CHAPTER 15D

ACTIVITIES OF RECLAIM FUNDS

The activities

Dormant account funds

63N

(1)

The following are specified kinds of activity—

(a)

the meeting of repayment claims by a reclaim fund;

(b)

the management of dormant account funds (including the investment of such funds) by a reclaim fund.

(2)

In this article—

• “account”, “balance”, “dormant” and “reclaim fund” have the same meaning as in Part 1 of the Dormant Bank and Building Society Accounts Act 2008 (transfer of balances in dormant accounts) (see section 6 of that Act);

• “dormant account funds” and “repayment claims” have the same meaning as in section 5 of that Act;

• “management of dormant account funds” means the acceptance of a transfer from a bank or building society of the balance of a dormant account, or a proportion of such a balance, and the management of those funds in such a way as to enable the reclaim fund to meet whatever repayment claims it is prudent to anticipate.”.