Dormant Accounts (Amendment) Act, 2005

• Jurisdiction: Ireland
• Citation: IR No. 8/2005
• Year: 2005

Number 8 of 2005
DORMANT ACCOUNTS (AMENDMENT) ACT 2005
ARRANGEMENT OF SECTIONS
Section 1. Definitions. 2. Establishment day. 3. Amendment of section 2 (interpretation) of Principal Act. 4. Repeal of section 3 (establishment day) of Principal Act. 5. Amendment of section 5 (expenses) of Principal Act. 6. Amendment of section 6 (penalties and proceedings) of Principal Act. 7. Substitution of Part 5 of Principal Act. 8. Substitution of Part 6 of Principal Act. 9. Amendment of section 45 (reports) of Principal Act. 10. Amendment of section 47 (accountability) of Principal Act. 11. Transitional provisions. 12. Dissolution of Dormant Accounts Fund Disbursements Board. 13. Transfer of property and liabilities. 14. Preservation of certain contracts and adaptation of references. 15. Pending legal proceedings. 16. Short title and collective citation. 17. Commencement.
Acts Referred to Central Bank and Financial Services Authority of Ireland Act 2003 2003, No. 12 Companies Acts 1963 to 2003 Dormant Accounts Act 2001 2001, No. 32 European Parliament Elections Act 1997 1997, No. 2 Equal Status Act 2000 2000, No. 8 Freedom of Information Act 1997 1997, No. 13 Local Government Act 2001 2001, No. 37 Public Accounts and Charges Act 1891 54 & 55 Vic., c. 24 Unclaimed Life Assurance Policies Act 2003 2003, No. 2
Number 8 of 2005
DORMANT ACCOUNTS (AMENDMENT) ACT 2005
AN ACT TO AMEND THE DORMANT ACCOUNTS ACTS 2001 AND 2003 TO PROVIDE FOR THE ESTABLISHMENT OF A BODY TO BE KNOWN AS AN BORD UM CHUNTAIS DHÍOMHAOINE OR, IN THE ENGLISH LANGUAGE, THE DORMANT ACCOUNTS BOARD AND TO DEFINE ITS FUNCTIONS; TO REFORM THE PROCESSES BY WHICH DECISIONS ARE MADE ABOUT DISBURSEMENTS, AND MONEYS ARE DISBURSED, FROM THE DORMANT ACCOUNTS FUND; AND TO PROVIDE FOR THE DISSOLUTION OF THE DORMANT ACCOUNTS FUND DISBURSEMENTS BOARD AND FOR RELATED MATTERS. [25th May, 2005]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
	Definitions.	1.—In this Act—
	“Principal Act” means the Dormant Accounts Act 2001 ;
	“Act of 2003” means the Unclaimed Life Assurance Policies Act 2003 ;
	“establishment day” means the day appointed under section 2 as the establishment day;
	“former Board” means the Dormant Accounts Fund Disbursements Board.
	Establishment day.	2.—The Minister shall by order appoint a day to be the establishment day for the purposes of this Act.
	Amendment of section 2 (interpretation) of Principal Act.	3.—Section 2 of the Principal Act is amended in subsection (1)—
	(a) by inserting the following after the definition of “account holder”:
	“ ‘Act of 2005’ means the Dormant Accounts (Amendment) Act 2005;”,
	(b) by substituting the following for the definition of “Board”:
	“ ‘Board’ means the Dormant Accounts Board established by section 30 as substituted by the Act of 2005;”,
	(c) by deleting the definition of “establishment day”,
	(d) by inserting the following after the definition of “fixed deposit”:
	“ ‘former Board’ means the Dormant Accounts Fund Disbursements Board dissolved by section 12 of the Act of 2005;”,
	(e) by substituting the following for the definition of “local authority”:
	“ ‘local authority’ means a local authority for the purposes of the Local Government Act 2001 ;”,
	(f) by deleting the definition of “health board”,
	(g) by inserting the following after the definition of “local authority”:
	“ ‘member’, in relation to the Board, means an ordinary member or the chairperson of the Board;”,
	(h) by substituting the following for the definition of “Minister”:
	“ ‘Minister’ means the Minister for Community, Rural and Gaeltacht Affairs;”,
	and
	(i) by inserting the following after the definition of “prescribed”:
	“ ‘public body’ is to be construed in accordance with paragraph 1(1) of the First Schedule to the Freedom of Information Act 1997 ;”.
	Repeal of section 3 (establishment day) of Principal Act.	4.—Section 3 of the Principal Act is repealed.
	Amendment of section 5 (expenses) of Principal Act.	5.—The Principal Act is amended by substituting the following section for section 5:
“Expenses. 5.—Except where otherwise provided for in this Act, the expenses incurred by the Minister and by any other Minister of the Government in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas.”.
	Amendment of section 6 (penalties and proceedings) of Principal Act.	6.—Section 6 of the Principal Act is amended—
	(a) in subsection (1) by substituting “A person” for “Subject to subsection (2), a person”, and
	(b) by deleting subsection (2).
	Substitution of Part 5 of Principal Act.	7.—The Principal Act is amended by substituting the following for Part 5:
	“PART 5
	Dormant Accounts Board
Establishment of Board. 30.—(1) There shall stand established on the establishment day a body, to be known as an Bord um Chuntais Dhíomhaoine or, in the English language, the Dormant Accounts Board, to perform the functions conferred on it by this Act. (2) In this section “establishment day” means the day appointed under section 2 of the Dormant Accounts (Amendment) Act 2005 as the establishment day. Functions of Board. 31.—(1) The functions of the Board are— (a) to prepare and submit to the Minister, in accordance with section 42, a plan for the disbursement of moneys under Part 6, (b) to review and assess from time to time— (i) the extent to which the objectives specified in the plan have been achieved, (ii) the effectiveness of the strategies specified in the plan, and (iii) the pattern and effect of disbursements under Part 6, including whether they have resulted in activities that, but for those disbursements, might not have been undertaken, and (c) to make reports to the Minister under section 45(3). (2) The Board has all the powers that are necessary for or incidental to the performance of its functions under this Act. (3) Subject to this Act, the Board shall be independent in the performance of its functions. Membership of Board. 32.—(1) The Board shall consist of a chairperson and 10 ordinary members, all of whom are to be appointed by the Minister from persons who, in his or her opinion, have knowledge of, or experience relating to, matters that appear to the Minister to be relevant to the Board's functions. (2) A person who, until the dissolution of the former Board, held office as the chairperson or an ordinary member of that Board is eligible on the first occasion on which appointments are made under this section to be appointed as the chairperson or an ordinary member, as the case may be, of the Dormant Accounts Board. (3) Not fewer than 4 of the 10 ordinary members appointed under this section are to be persons who— (a) in the Minister's opinion, have knowledge of, and experience relating to, the purposes for which disbursements may be made under section 41, and (b) are appointed following consideration by the Minister of any submissions received in response to a published notice indicating that appointments will be made to the Board and inviting recommendations relating to those appointments. Terms of office of members. 33.—(1) Subject to subsection (2), a member of the Board holds office for such period as the Minister may fix, but not exceeding— (a) 5 years in the case of the chairperson, and (b) 3 years in the case of any other member. (2) The term of office of a person who accepts an appointment under section 32(2) to the Board is deemed to have commenced on the date of his or her appointment to the former Board and expires on the day on which, but for the dissolution of the former Board, his or her term of office on the former Board would have expired. (3) A member whose term of office expires or is about to expire with the passage of time is eligible for re-appointment to the Board, but may not serve on the Board for more than 2 consecutive terms of office. (4) For the purpose of subsection (3), a term of office that by virtue of subsection (2) includes a period of service with the former Board is counted as one term of office. (5) A member of the Board may resign from office by letter sent to the Minister. (6) The resignation of a member of the Board shall, unless previously withdrawn in writing, take effect at the commencement of the meeting of the Board held next after the Board has been informed by the Minister of the resignation. Conditions of office. 34.—(1) The Minister may at any time remove a member of the Board from office if— (a) in the Minister's opinion, the member has become incapable through ill-health of performing his or her functions or has committed stated misbehaviour, or (b) the member's removal from office appears to the Minister to be necessary for the effective performance of the Board's functions. (2) A member of the Board ceases to be qualified for office and ceases to hold office if the member— (a) is adjudicated bankrupt, (b) makes a composition or arrangement with creditors, (c) is, on conviction on indictment by a court of competent jurisdiction, sentenced to imprisonment, or (d) is disqualified or restricted from being a director of any company (within the meaning of the Companies Acts 1963 to 2003). (3) A member of the Board shall, subject to this Act, hold office on the terms and conditions (including terms and conditions relating to remuneration and allowances) that may be determined by the Minister with the consent of the Minister for Finance. Casual vacancies. 35.—(1) If a member of the Board dies, resigns...