s.74Unclaimed trust assets
74
Section 74Part 8 — General Provisions - Trust Assets

Unclaimed trust assets

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Any trust asset that shall be unclaimed for a period of four years after having become transferable to any person entitled to the asset shall, together with any income payable in respect of the asset, be treated as an unclaimed trust asset irrespective of whether the trust asset became transferable before, on or after 10th November, 2015, the date of publication of the Public Management and Finance (Amendment) Law, 2015[Law 18 of 2015] in the Gazette.
An unclaimed trust asset in the form of money shall be paid into the executive bank account and recorded as executive revenue.
If any person establishes, to the satisfaction of the chief officer of finance or that person's nominee, a claim to any money that has been paid into the executive bank account in accordance with subsection (2), that amount, together with such interest, if any, as the chief officer of finance may approve, shall be paid to the claimant and recorded as an executive expense without further appropriation than this section.
A claim to money that has been paid into the executive bank account in accordance with subsection (2), shall not be made more than ten years after the money was first received as a trust asset by a ministry, a portfolio, the Office of the Ombudsman or the Audit Office, as the case may be.
Where any money paid to any claimant under subsection (3) is afterwards claimed by any other person, neither the Government, the Minister of Finance, the Financial Secretary, the chief officer of the ministry responsible for finance nor that person's nominee shall be liable to that other person by reason of having paid the money to the first claimant.
An unclaimed trust asset that is not in the form of money shall be sold on such terms and conditions as the Financial Secretary thinks fit and the proceeds of sale shall be dealt with in accordance with subsections (2), (3) and (4).
In the event of any inconsistency between this section and the operation of any other law, this section shall prevail to the extent of the inconsistency.

Defined Terms

unclaimed trust assetchief officer of financeexecutive bank account

Cross References