Dormant Bank and Building Society Accounts Act 2008 (c. 31)

Part 2 U.K. [F1 DISTRIBUTION OF DORMANT ASSETS MONEY]

Textual Amendments

F1 Pt. 2 heading substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 11; S.I. 2022/582, reg. 2

Distribution for England, Wales, Scotland and Northern Ireland U.K.

18 Distribution of money for meeting English expenditure U.K.

[F2 (1) A distribution of [F3 dormant 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

F2 S. 18 repealed (6.6.2022 with effect in accordance with s. 29(3) of the amending Act) by Dormant Assets Act 2022 (c. 5), ss. 29(2)(a), 34(3) (with s. 29(3)); S.I. 2022/582,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

F3 Words 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

I1 S. 18 in force at 12.3.2009 by S.I. 2009/490, art. 2