PART 1The dormant assets scheme
Investment assets
10Meaning of “dormant” in relation to eligible amount owing by virtue of a collective scheme investment
1
For the purposes of this Act an eligible amount owing by virtue of a collective scheme investment is “dormant” at a particular time if either (or both) of the following two conditions is met in relation to the amount at that time.
2
The first condition, applicable to share or unit conversion proceeds, is that the responsible institution regards the person to whom the proceeds are payable as having been gone-away throughout the preceding 12 years.
3
The second condition, applicable to an amount which is not share or unit conversion proceeds, is that the responsible institution regards the person to whom the amount is payable as having been gone-away throughout the preceding 6 years.
4
5
Orphan monies attributable to a collective scheme investment may also be treated as dormant if they have become payable to a person after the transfer as mentioned in section 8(1)(a) of an amount which—
a
was an amount attributable to the winding-up, or termination of a sub-fund, of the collective scheme containing the collective scheme investment, and
b
was dormant by virtue of meeting the first or second condition above.
6
7
In this section “responsible institution” means the investment institution that is responsible for doing either or both of the following activities—
a
assessing whether a person has been gone-away for a period;
b
receiving communications as mentioned in subsection (4).