Part 1Charities
Chapter 6Charity accounts
Dormant charity accounts
I1I248Dormant accounts of charities: procedure and interpretation
1
The Scottish Ministers may, by regulations, make provision as to—
a
the procedure to be followed by OSCR under section 47,
b
the extent to which OSCR, in transferring an amount under subsection (3) of that section, may retain a sum in respect of its expenses in exercising its functions under that section.
2
An account is dormant for the purposes of section 47 if no transaction other than—
a
a payment into the account, or
b
a transaction effected by the relevant financial institution holding the account,
has been effected in relation to the account within the period of 5 years immediately preceding the dormancy date.
3
An account is no longer dormant for the purposes of that section if a transaction other than—
a
a payment into the account,
b
a transaction effected by the relevant financial institution holding the account, or
c
a transaction effected by OSCR in pursuance of subsection (3) of that section,
is effected after the dormancy date.
4
The dormancy date is the date on which the institution informs OSCR as mentioned in section 47(1)(a).