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Amendment of section 84 of Act of 1988
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33. The Act of 1988 is amended by the substitution of the following for section 84:
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“Official Assignee — Unclaimed Dividend Account
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84. (1) The Official Assignee shall cause an account to be opened—
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(a) in the Central Bank of Ireland, or
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(b) a bank authorised to carry on business in the State,
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and any such account shall be called the “Official Assignee — Unclaimed Dividend Account” and a reference in this section to a “relevant account” is to be construed as a reference to such an account.
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(2) The Official Assignee shall pay into a relevant account all unclaimed dividends and all money unclaimed, being part of any bankrupt’s estate.
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(3) (a) The Official Assignee shall be entitled to pay out of a relevant account all dividends lawfully claimed as well as the sums provided for by section 61(3)(k).
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(b) In order to provide temporarily for payments for which no funds are immediately available in the particular estate against which they are chargeable, there may be paid out of a relevant account to the credit of the Official Assignee in a separate account in the said bank such sums, subject to such conditions, as may be prescribed by regulations made by the Minister.
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(4) The Official Assignee, with the leave of the Court, may from time to time invest the whole or any part of the money standing to the credit of a relevant account, and the interest on the investments shall be paid into a relevant account.
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(5) The Court may order that the Official Assignee shall be paid out of a relevant account such sum by way of indemnity in respect of any damages, costs or expenses payable or incurred or to be payable or incurred by him for or by reason of any act or matter done by him while acting as Official Assignee as the Court thinks just, including the costs of any proceedings taken by the Official Assignee with the leave of the Court where there are insufficient funds in the matter.
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(6) A relevant account shall not be available for any purpose other than the purposes of this section.
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(7) The Minister may, following consultation with the Insolvency Service, by regulations prescribe—
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(a) the manner in which the Official Assignee shall maintain a relevant account,
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(b) the purposes for which funds may be withdrawn from a relevant account pursuant to subsection (3)(b),
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(c) the monetary limits relating to the withdrawal of funds from a relevant account pursuant to subsection (3)(b), and
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(d) the conditions subject to which funds may be withdrawn from a relevant account pursuant to subsection (3)(b).”.
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