UK Act of Parliament 2008 c. 31 United Kingdom

Dormant Bank and Building Society Accounts Act 2008

Read the Act on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Any Person3 Director or Officer2 Trader2

Plus 3 duties on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts
Director or Officer — also bound by 429 other Acts
Companies Act 2006 126 duties
Trader — also bound by 825 other Acts
Companies Act 2006 243 duties
Companies Act 1985 85 duties

What it requires

Sections creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

Part 1

Transfer of balances in dormant accounts

3 of 16 sections shown
s.002 Transfer of balances to charities, with proportion to reclaim fund (opens in a new tab) Regulated
  • Transfer dormant account balances to charities and reclaim fundTrader
s.002 Return of surplus alternative scheme assets Regulated
  • Return surplus alternative scheme assets to banks/charitiesTrader
s.013 Banks making transfers under section 2: information in directors' reports (opens in a new tab) Regulated
  • Report transfers to charities in your directors' reportDirector or Officer
13 other sections in this Part — procedural and definitional
s.001 Transfer of balances to reclaim fund (opens in a new tab)
s.003 The assets-limit condition (opens in a new tab)
s.004 Effect of balance transfer on membership rights (opens in a new tab)
s.005 Functions etc of a reclaim fund (opens in a new tab)
s.006 Interpretation of Part 1 (opens in a new tab)
s.007 “Bank” (opens in a new tab)
s.008 “Balance” (opens in a new tab)
s.009 “Account” (opens in a new tab)
s.010 “Dormant” (opens in a new tab)
s.011 Customer's rights preserved on insolvency etc of bank or building society (opens in a new tab)
s.012 Disclosure of information (opens in a new tab)
s.014 Review and report to Parliament (opens in a new tab)
s.015 Amendments to the Financial Services and Markets Act 2000 (opens in a new tab)
Part 2

DISTRIBUTION OF DORMANT ASSETS MONEY

2 of 13 sections shown
s.018 Distribution of money for meeting English expenditure (opens in a new tab) Regulated
Other duties (1) — Crown / regulator
  • Distribute dormant assets money for English youth and financial capability purposesCrown / Minister / Government department
s.022 Directions to Big Lottery Fund (opens in a new tab) Regulated
Other duties (1) — Crown / regulator
  • Big Lottery Fund must comply with Secretary of State directionsCrown / Minister / Government department
11 other sections in this Part — procedural and definitional
s.016 Distribution of dormant assets money by Big Lottery Fund (opens in a new tab)
s.017 Apportionment of dormant assets money (opens in a new tab)
s.018 Distribution of money for meeting English expenditure
s.019 Distribution of money for meeting Welsh expenditure (opens in a new tab)
s.020 Distribution of money for meeting Scottish expenditure (opens in a new tab)
s.021 Distribution of money for meeting Northern Ireland expenditure (opens in a new tab)
s.023 Power to prohibit distribution in certain cases (opens in a new tab)
s.024 Power to add or remove distributors (opens in a new tab)
s.025 Power of Big Lottery Fund to enter into arrangements (opens in a new tab)
s.026 Expenses (opens in a new tab)
s.027 Interpretation of Part 2 (opens in a new tab)
Part 3

Final provisions

0 of 5 sections shown
5 other sections in this Part — procedural and definitional
s.028 Orders (opens in a new tab)
s.029 Directions (opens in a new tab)
s.030 Extent (opens in a new tab)
s.031 Commencement (opens in a new tab)
s.032 Short title (opens in a new tab)
Schedules

Schedules

5 of 26 shown
s.sch001 (1) The articles of association of a reclaim fund must... Regulated
  • Include expense governance provisions in articles of associationDirector or Officer
s.sch001 The articles of association of a reclaim fund must make... Regulated
  • Reclaim fund must not distribute income or assets to membersAny Person
s.sch001 (1) The articles of association of a reclaim fund must... Regulated
  • Publish annual financial and transfer information after each financial yearAny Person
s.sch001 The articles of association of a reclaim fund must make... Regulated
  • Include government assistance objects in reclaim fund articlesAny Person
s.sch003 (1) As soon as possible after the end of every... Regulated
Other duties (1) — Crown / regulator
  • Big Lottery Fund must publish and submit annual report on dormant assets spendingStatutory regulator
21 other schedules
s.sch002 (1) Schedule 2 (regulated activities) is amended as follows.
s.sch002 After section 106 there is inserted— Reclaim fund business transfer...
s.sch002 In section 107 (application for order sanctioning transfer scheme), in...
s.sch002 (1) Section 111 (sanction of the court for business transfer...
s.sch002 In Schedule 12, after Part 2 there is inserted— Part...
s.sch002 (1) Section 359 (administration order) is amended as follows.
s.sch002 After section 369 there is inserted— Reclaim funds: service of...
s.sch003 (1) If the Secretary of State instructs it to do...
s.sch003 (1) The Big Lottery Fund shall— (a) keep proper accounting...
s.sch003 In Schedule 4A to the National Lottery etc. Act 1993...
s.sch003 (1) The Big Lottery Fund has power to solicit applications...
s.sch003 In determining how to distribute dormant assets money the Big...
s.sch003 (1) The Big Lottery Fund may make or participate in...
s.sch003 The Big Lottery Fund may give advice about—
s.sch003 (1) If the Welsh Ministers instruct it to do so,...
s.sch003 (1) If the Scottish Ministers instruct it to do so,...
s.sch003 (1) If instructed to do so by the Department of...
s.sch003 (1) The Big Lottery Fund may appoint any other body...
s.sch003 (1) In paragraph 5— “charity” means a body, or the...
s.sch003 (1) The Big Lottery Fund may make payments in respect...
s.sch003 (1) The functions of the committee established under paragraph 7(1)(a)...

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.