47.
| (1) Where an account has lain dormant, that is to say, the pass book has not been presented for examination and insertion of interest or there has been no withdrawal from or deposit into his account, for a period of seven years by a person who commenced his account on or after reaching the age of sixteen years, or for a period of seven years after reaching the age of sixteen, years by a person who commenced his account before the age of sixteen years, the moneys lying to the credit of such person shall-
| | (a) if such moneys aggregate to less than ten rupees, be transferred to a special reserve after notice, in such manner as the Bank may determine; and | | |
| | (b) if such moneys aggregate to ten rupees or more, be transferred, subject to the provisions of sub-section (2), to a fund called the " Unclaimed Deposits Fund ", and such person or any person deriving title from him, shall have no claims to such moneys except in accordance with the provisions of this section. | | |
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| (2) Before any moneys, which aggregate to ten rupees or more, lying in an account are transferred in accordance with the provisions of sub-section (1), the Bank shall, not less than three months prior to the date of such transfer, publish a notice in the Sinhala, Tamil and English languages in the Gazette and in three daily newspapers in each of the three languages respectively stating the name of the person in whose favour the account stands, the fact that the account has been dormant for a period of seven years, and that it is intended, on a specifieddate, to transfer the moneys lying in that account to the Unclaimed Deposits Fund under the provisions of sub-section (1). |
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| (3) Any moneys transferred to the Unclaimed Deposits Fund may be retransferred to the account in which it was originally lying, at the instance of any person who furnishes proof to the satisfaction of the Board that the account was in his name or in the name of a person from whom he derives title. |
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| (4) Any moneys which are transferred to the Unclaimed Deposits Fund and which have not been retransferred to the original account within a period of three years shall, on the expiry of that period, be transferred to a special reserve. |
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| (5) Any moneys transferred to a special reserve under this section shall in no circumstances be re-transferred to the account in which they were originally lying. |
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Sri Lanka Consolidated Acts