s.4Dormant accounts
4
Section 4Part 0 —

Dormant accounts

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Subject to subsections (2) and (3), monies held or owed by an account provider shall be deemed to be held in a dormant account if the monies are due to be claimed but have not been claimed and the dormant account holder has not, within the seven years immediately preceding, effected any of the following transactions —
subject to subsection (4), increased or decreased the amount held or owed by the account provider;
presented the passbook or other record for the crediting of interest or dividends in respect of —
any sum payable with respect to any general deposit, demand deposit, savings deposit or deposit for a fixed period, made in the Islands with the account provider; or
any sum payable on cheques certified in the Islands by the account provider;
corresponded in writing with the account provider concerning the monies; or
otherwise indicated an interest in the monies as evidenced in writing by the account provider.
Where monies are held or owed by an account provider for an account holder in more than one account, the monies shall not be deemed to be held in a dormant account if the account holder has, within the seven years immediately preceding, effected any of the transactions specified in subsection (1) through, or in relation to, any of the accounts.
Where the monies held or owed by an account provider is a deposit for a fixed period, the dormancy period shall not commence until the fixed period has expired.
Interest paid, or account fees applied, by an account provider on monies held or owed by the account provider shall not be regarded as a transaction which increases or decreases the amount held in the dormant account for the purposes of subsection (1)(a).
For the avoidance of doubt, where any transaction referred to in subsection (1) is effected prior to monies held or owed by an account provider being deemed to be held in a dormant account under that subsection, the dormancy period shall not commence until immediately after that transaction is effected.

Cross References