F1Part 1Charities

Annotations:
Amendments (Textual)
F1

Pt. 1 Ch. 5A inserted (1.10.2010 for specified purposes, 1.11.2012 in so far as not already in force) by Public Services Reform (Scotland) Act 2010 (asp 8), ss. 125(1), 134(7); S.S.I. 2010/321, art. 3, Sch.; S.S.I. 2012/218, art. 2

Chapter 6Charity accounts

Dormant charity accounts

I1I248Dormant accounts of charities: procedure and interpretation

1

The Scottish Ministers may, by regulations, make provision as to—

a

the procedure to be followed by OSCR under section 47,

b

the extent to which OSCR, in transferring an amount under subsection (3) of that section, may retain a sum in respect of its expenses in exercising its functions under that section.

2

An account is dormant for the purposes of section 47 if no transaction other than—

a

a payment into the account, or

b

a transaction effected by the relevant financial institution holding the account,

has been effected in relation to the account within the period of 5 years immediately preceding the dormancy date.

3

An account is no longer dormant for the purposes of that section if a transaction other than—

a

a payment into the account,

b

a transaction effected by the relevant financial institution holding the account, or

c

a transaction effected by OSCR in pursuance of subsection (3) of that section,

is effected after the dormancy date.

4

The dormancy date is the date on which the institution informs OSCR as mentioned in section 47(1)(a).