Dormant Accounts (Amendment) Act 2005
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Transitional provisions. |
11.—(1) In this section— | |
“Agency” has the same meaning as in the Principal Act; | ||
“new Part 6” means Part 6 of the Principal Act as substituted by section 8 of this Act; | ||
“transitional period” means the period beginning with the commencement of section 8 of this Act and ending immediately before the establishment day. | ||
(2) During the transitional period— | ||
(a) references to the Board in new Part 6 are to be read as references to the Dormant Accounts Fund Disbursements Board, and | ||
(b) section 31(1)(a) of the Principal Act is to be read as though the function of directing the Agency to make disbursements relates only to disbursements resulting from applications approved by the Board before the commencement of section 8 of this Act. | ||
(3) On and after the establishment day, the Dormant Accounts Board may give the Agency directions in relation to disbursements resulting from applications approved by the former Board before the commencement of section 8 of this Act, as though the Dormant Accounts Board were the former Board and new Part 6 were not in operation. | ||
(4) Section 47(2) and (3) of the Principal Act, as that section read before it was amended by this Act, applies to the chairperson of the Dormant Accounts Board in relation to the function assigned to that Board under subsection (3) of this section, as though he or she were the chairperson of the former Board. | ||
(5) The Dormant Accounts Board shall include in its report under section 45(3) of the Principal Act particulars of those to whom disbursements were made in the previous financial year in accordance with directions given by the Board under this section and the amount of each disbursement. |