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Dormant Bank and Building Society Accounts Act 2008
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18Distribution of money for meeting English expenditureU.K.
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Nodiadau Esboniadol
[F1(1)A distribution of [F2dormant assets] money for meeting English expenditure must be—
(a)made for meeting expenditure on or connected with the provision of services, facilities or opportunities to meet the needs of young people,
(b)made for meeting expenditure on or connected with—
(i)the development of individuals' ability to manage their finances, or
(ii)the improvement of access to personal financial services,or
(c)made to a social investment wholesaler.
(2)In this section—
“social investment wholesaler” means a body that exists to assist or enable other bodies to give financial or other support to third sector organisations;
“third sector organisation” means an organisation that exists wholly or mainly to provide benefits for society or the environment.]
Textual Amendments
F1S. 18 repealed (6.6.2022 with effect in accordance with s. 29(3) of the amending Act) by Dormant Assets Act 2022 (c. 5), ss. 29(2)(a), 34(3) (with s. 29(3)); S.I. 2022/582, reg. 2
F2Words in s. 18(1) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(1)(b); S.I. 2022/582, reg. 2
Commencement Information
I1S. 18 in force at 12.3.2009 by S.I. 2009/490, art. 2
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