30. Section 47 of the principal enactment, as amended by Act No. 2 of 1982 is hereby repealed, and the following section is substituted therefor:-
| 47.
| | (1) Where an account has lain dormant, that is to say-
| | | (a) in the case of a savings account, the saving book has not been, presented to the Bank either for withdrawal from or deposit into the account or, for the insertion of interest, for a period of ten years by a person who commenced the account on or after reaching the age of sixteen years or for a period of ten years on or after reaching the age of sixteen years in the case of a person who commenced his account before reaching the age of sixteen years; or |
| (b) in the ease of a deposit account, instructions for automatic renewal on maturity have not been issued to the Bank and the deposit receipt has not been presented for renewal for a period of ten years by a person who commenced the account on or after reaching the age of sixteen years, or for a period of ten years on or after reaching the age of sixteen years in the case of a person who commenced the account before reaching the age of sixteen years, |
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| | (2) The account from which moneys were transferred to the unclaimed Deposits Reserve shall, from the date of such transfer be no longer considered as a liability of the Bank. | | |
| | (3) The whole or such part of the moneys lying to the credit of the unclaimed Deposits Reserve, as may be determine by tile Minister, may be capitalised and shares to the value of the money capitalised, may be issued by the Bank to the Secretary to the Treasury. | | |
| | (4) Where after the transfer of any money to the unclaimed Deposits Reserve, any claim is made to the Bank in respect of moneys which were lying to the credit of an account referred to in subsection (1), the Bank shall after an examination of such claim, pay an amount equivalent to the amount which was In the account, to the claimant and shall thereafter make an application to the Secretary to the Treasury for reimbursement of the amount paid and the Secretary to the Treasury shall as soon as possible after receipt of the application, pay out of the Consolidated Fund to the Bank the amount claimed-". | | |
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Sri Lanka Consolidated Acts