Dormant Accounts (Amendment) Act 2012
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Transitional provisions. |
12.— (1) In this section— | |
“Agency” has the same meaning as in the Principal Act; | ||
“annual report” means the report prepared by the Minister under section 45(3) of the Principal Act (inserted by section 4 (b)); | ||
“approved plan” means the disbursements plan made under section 42 of the Principal Act and in effect before the coming into operation of this Act; | ||
“former Board” means the Dormant Accounts Fund Disbursement Board dissolved under the Act of 2005; | ||
“member”, in relation to the Board, means an ordinary member or the chairperson of the Board. | ||
(2) Until a scheme is made by the Minister under section 42 of the Principal Act (inserted by section 3 )— | ||
(a) the approved plan shall continue in effect, | ||
(b) the approved plan may be reviewed and amended as if it were a scheme made after the appointed day under that section, | ||
(c) sections 43, 43A, 44 and 44A of the Principal Act (inserted by section 3 ) shall apply to the approved plan as if it were such a scheme, and | ||
(d) an invitation to apply for disbursements under section 43 (as that section read before it was amended by this Act) and applications received in response to such an invitation shall be treated as if issued or received under sections 43A and 44 of the Principal Act (inserted by section 3 ). | ||
(3) If, immediately before the appointed day, the making of disbursements in respect of applications approved by the former Board has not yet been completed, the Minister may, on and after the appointed day and notwithstanding section 11(3) of the Act of 2005, give the Agency, from time to time, directions in relation to such disbursements. | ||
(4) Where the Minister gives a direction under subsection (3), information in relation to the disbursements concerned shall be included in the annual report. | ||
(5) If a resignation of a member of the Board has not taken effect under section 33(6) of the Principal Act immediately before the appointed day, the resignation shall take effect on the earlier of— | ||
(a) the date on which the Minister received the letter notifying the Minister of the resignation of the member of the Board concerned, or | ||
(b) the day immediately before the appointed day. |