s.5Notification procedure
5
Section 5Part 0 —

Notification procedure

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Subject to section 6, except where a dormant account holder has been previously notified under this section in respect of the dormant account, an account provider, shall, on or before 31st July in each year, notify the dormant account holder, in writing, of the following —
the name and current address of the account provider and information regarding a change of name, if any, of the account provider since the opening of the dormant account;
that the dormant account to which the dormant account holder appears to be entitled is held by the account provider;
that if a transaction referred to in section 4(1) is not effected on the dormant account on or before 31st December next following, the monies held in the dormant account will be transferred to the Government without further notice to the dormant account holder;
that on the transfer of the monies held in the dormant account to the Government, and subject to this Law, the dormant account holder will no longer have any right against the account provider to repayment of the monies transferred, but that the dormant account holder will have, against the Government, such right to repayment of the monies transferred that the dormant account holder would have had against the account provider except that any right against the Government or claim arising under this Law shall be dealt with in accordance with section 9 of this Law and Part VIII of the Public Management and Finance Law (2010 Revision); and
any other matters that may be prescribed.
The notification referred to in subsection (1) shall be sent either by registered mail, courier service or by any method of communication specified in the account mandate, to the last known address of the dormant account holder.
An account provider that fails to notify a dormant account holder under this section commits an offence and is liable on summary conviction to a fine of twenty thousand dollars.
Nothing in this section shall prevent an account provider from re-activating an account (so that the monies held or owed in that account are no longer deemed to be held in a dormant account) where a person complies with a notification given under this section after the date specified in subsection (1)(c), but prior to the transfer referred to in section 7(1).
For the avoidance of doubt, notification to a dormant account holder under this section shall be given —
to the person who is the dormant account holder having the legal interest in the monies held or owed by the account provider; and
to the extent that the account provider is aware, and has contact details, of a person who has a beneficial interest or right (including any encumbrance) over the monies held or owed by the account provider, to the person who has that beneficial interest or right.

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