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Dormant Accounts (Amendment) Act 2005

Amendment of section 45 (reports) of Principal Act.

9.—The Principal Act is amended by substituting the following section for section 45:

“Reports.

45.—(1) Not later than 31 March in each year, the Agency shall make a report to the Minister for Finance on the operation of the Fund in the previous financial year and shall include in the report—

(a) details of the amount transferred to the Fund under this Act and the Unclaimed Life Assurance Policies Act 2003 during the financial year to which the report relates,

(b) the investment return achieved by the Fund during that year,

(c) details of the costs and expenses incurred by the Agency during that year in performing its functions under this Act and the Unclaimed Life Assurance Policies Act 2003 ,

(d) details of amounts reimbursed in accordance with section 39(4) in respect of fees, costs and expenses incurred by the Board,

(dd) details of amounts reimbursed to the relevant Ministers and Departments of State in accordance with section 44A(2),

(e) details of the remuneration, fees and allowances for expenses of the inspectors referred to in section 17(4)(a)(iii),

(f) the balance in the Fund on the day before the date of the report, and

(g) any other information that may be required by the Minister for Finance.

(2) The Agency shall provide the Minister and the Board with a copy of each report made under subsection (1).

(3) Not later than 30 June in each year, the Board shall make a report to the Minister on the performance of its functions during the previous financial year and shall include in the report—

(a) details of the costs and expenses incurred by the Board in performing its functions under this Act,

(b) details of the results of reviews and assessments under section 31(1)(b), and

(c) any other information that the Minister may specify.

(4) As soon as practicable after receiving the Board's report, the Minister shall cause copies of the report to be laid before each House of the Oireachtas.

(5) Any information that the Minister may require from time to time and that is not included in a report under this section shall be provided—

(a) by the Agency, in the case of information relating to its functions under this Act or the Unclaimed Life Assurance Policies Act 2003 , or

(b) by the Board, in the case of information relating to its functions under this Act.”.