Banking Act · s 69

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

69.
Return and payment of unclaimed money to Authority
(1) A bank that holds unclaimed money on 31st December in any year shall, within 3 months after that date, or such longer period as the
Authority may in any particular case allow, lodge with the Authority a return relating to that money in a form approved by the Authority.
(2) If, after 31st December and before the bank lodges the return with the Authority, the bank pays any unclaimed money to the owner of the unclaimed money, the return must contain such particulars relating to the amounts so paid as are required by the form.
(3) The bank, when lodging the return, must pay to the Authority an amount equal to the sum of the unclaimed money specified in the return less the sum of amounts paid by the bank and specified in accordance with subsection (2).
(4) The Authority shall pay money received under this section into the Consolidated Fund.
(5) A bank that fails to comply with subsection (1), (2) or (3) is guilty of an offence and liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day during which the offence continues after conviction.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 69Return and payment of unclaimed money to Authority

(1)

A bank that holds unclaimed money on 31st December in any year shall, within 3 months after that date, or such longer period as the

Authority may in any particular case allow, lodge with the Authority a return relating to that money in a form approved by the Authority.

(2)

If, after 31st December and before the bank lodges the return with the Authority, the bank pays any unclaimed money to the owner of the unclaimed money, the return must contain such particulars relating to the amounts so paid as are required by the form.

(3)

The bank, when lodging the return, must pay to the Authority an amount equal to the sum of the unclaimed money specified in the return less the sum of amounts paid by the bank and specified in accordance with subsection (2).

(4)

The Authority shall pay money received under this section into the Consolidated Fund.

(5)

A bank that fails to comply with subsection (1), (2) or (3) is guilty of an offence and liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day during which the offence continues after conviction.