Dormant Assets Act 2022
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Change 1
26 Meaning of “authorised reclaim fund”
(1) In this Act and the 2008 Act “authorised reclaim fund”, in relation to a transfer of an amount as mentioned in section 1(1)(a) or 2(1)(a) of the 2008 Act or section 2(1)(a), 5(1)(a), 8(1)(a), 12(1)(a), 14(1)(a) or 21(2)(b) above, means a reclaim fund (as defined in section 5 of the 2008 Act) which is— (a) a reclaim fund to which this subsection applies, in relation to a transfer of the kind in question, and (b) authorised for the purposes of the Financial Services and Markets Act 2000 to carry on activities of a reclaim fund. (2) Subsection (1) applies to Reclaim Fund Ltd (registered company 07344884) in relation to all transfers mentioned in subsection (1). (3) The Treasury may by regulations made by statutory instrument amend subsection (2) for the purpose of— (a) adding, substituting or removing a reference to a reclaim fund, or (b) providing for the kinds of transfer in respect of which a reclaim fund named in that subsection is an authorised reclaim fund. (4) Regulations under subsection (3) are subject to draft affirmative procedure.
26 Meaning of “authorised reclaim fund”
(1) In this Act and the 2008 Act “authorised reclaim fund”, in relation to a transfer of an amount as mentioned in section 1(1)(a) or 2(1)(a) of the 2008 Act or section 2(1)(a), 5(1)(a), 8(1)(a), 12(1)(a), 14(1)(a) or 21(2)(b) above, means a reclaim fund (as defined in section 5 of the 2008 Act) which is— (a) a reclaim fund to which this subsection applies, in relation to a transfer of the kind in question, and (b) authorised for the purposes of the Financial Services and Markets Act 2000 to carry on activities of a reclaim fund. (2) Subsection (1) applies to Reclaim Fund Ltd (registered company 07344884) in relation to all transfers mentioned in subsection (1). (3) The Treasury may by regulations made by statutory instrument amend subsection (2) for the purpose of— (a) adding, substituting or removing a reference to a reclaim fund, or (b) providing for the kinds of transfer in respect of which a reclaim fund named in that subsection is an authorised reclaim fund. (4) Regulations under subsection (3) are subject to draft affirmative procedure.
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