Charities and Trustee Investment (Scotland) Act 2005 (asp 10)

F1 Part 1 S Charities

Textual Amendments

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 6 S Charity accounts

Dormant charity accounts S

48 Dormant accounts of charities: procedure and interpretation S

(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).

Commencement Information

I1 S. 48 in force at 1.1.2006 for specified purposes by S.S.I. 2005/644, art. 2(1), Sch. 1

I2 S. 48 in force at 1.4.2006 in so far as not already in force by S.S.I. 2006/189, art. 2(1), Sch. Pt. 1