s.6Publication of notice
6
Section 6Part 0 —

Publication of notice

←→ Navigate  ·  Click subsection badges to collapse  ·  Press ? for help

Where monies held or owed by an account provider are deemed to be held in a dormant account under section 4(1) and —
the account provider has been instructed by the dormant account holder not to correspond with or contact the dormant account holder; or
the account provider has taken all reasonable steps to notify the dormant account holder in writing in relation to the dormant account and has failed to make contact or receive a response from the dormant account holder,
section 5 does not apply and, subject to subsections (2) and (3), the account provider shall publish a notice in the Gazette and, for dormant account holders resident in the Cayman Islands, in a daily newspaper circulating in the Islands, or, for dormant account holders not resident in the Cayman Islands, on the account provider’s website or in a register held at the principal office of the account provider in the Cayman Islands.
A notice under subsection (1) shall be in the prescribed form and shall contain the following information —
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 account provider holds dormant accounts and the nature and type of such dormant accounts;
that if a transaction referred to in section 4(1) is not effected on a dormant account on or before 31 December next following, the monies in the dormant account will be transferred to the Government without further notice;
that any interested person should contact the account provider to establish if that person is a 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 additional information that may be prescribed.
A notice under subsection (1) shall be published on or before 31st July in each year.
Repealed by section 5 of the Dormant Accounts (Amendment) Law, 2010 [Law 41 of 2010].
An account provider that publishes a notice under subsection (1) shall, on request, make available free of charge —
details of the current address of the account provider and any information regarding a change of name; and
subject to subsection (6), any other relevant information specified in the request.
Where the information referred to in subsection (5)(b) is otherwise made available to persons subject to a lawful charge, that information may be made available under this subsection subject to that charge.
Nothing in this section shall prevent an account provider from reactivating 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 (2)(c) but before the date of the transfer referred to in section 7(1).

Cross References