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Dormant Bank and Building Society Accounts Act 2008

  • Explanatory Notes Table of contents

Please note:

All reference to 'Parts' and 'sections' are from the Dormant Bank and Building Society Accounts Act 2008. For other versions of these Explanatory Notes, see More Resources.

  1. Introduction

  2. Background

  3. Summary

  4. Overview of the Structure

  5. Territorial Extent

  6. Territorial Application: Wales

  7. Commentary on Sections and Schedules

    1. Part 1: Transfer of balances in dormant accounts

      1. Section 1: Transfer of balances to reclaim fund

      2. Section 2: Transfer of balances to charities, with proportion to reclaim fund

      3. Section 3: The assets-limit condition

      4. Section 4: Effect of balance transfer on membership rights

      5. Section 5: Functions of a reclaim fund and Schedule 1: Provision to be made in articles of association of reclaim fund

      6. Section 6: Interpretation of Part 1

      7. Section 7: “Bank”

      8. Section 8: “Balance”

      9. Section 9: “Account”

      10. Section 10: “Dormant”

      11. Section 11: Customer’s rights preserved on insolvency of bank or building society

      12. Section 12: Disclosure of information

      13. Section 13: Banks making transfers under section 2: information in directors’ reports

      14. Section 14: Review and report to Parliament

      15. Section 15 and Schedule 2: Amendments to the Financial Services and Markets Act 2000

    2. Part 2: Distribution of money under the general scheme

      1. Section 16: Distribution of dormant account money by Big Lottery Fund

      2. Section 17: Apportionment of dormant account money

      3. Sections 18- 21: Distribution of money for meeting English, Welsh, Scottish and Northern Ireland expenditure

      4. Section 22: Directions to Big Lottery Fund

      5. Section 23: Power to prohibit distribution in certain cases

      6. Section 24: Power to add or remove distributors

      7. Section 25: Power of Big Lottery Fund to enter into arrangements

      8. Section 26: Expenses

      9. Section 27: Interpretation of Part 2

    3. Schedule 3: Further provision about the functions of the Big Lottery Fund

  8. Commencement

  9. Hansard References

  • Explanatory Notes Table of contents

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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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