13Proposals—dormant fund exceeding $10,000

13 Proposals—dormant fund exceeding $10,000

13 Proposals—dormant fund exceeding $10,000

(1) Notice of proposals under section 11 If the Commissioner has formulated proposals under section 11 in relation to a dormant fund the value of which exceeds $10,000, the Commissioner must publish in the Gazette and in at least one newspaper a notice that—

(a) indicates that proposals have been formulated under this Act in relation to the dormant fund, and

(b) specifies a place where the proposals can be inspected, and

(c) fixes a date (being not earlier than 30 days after the date of publication of the notice in the Gazette) on or before which any person interested in the administration, utilisation or application of the fund may lodge with the Commissioner a request in writing that the Commissioner refer the proposals to the Tribunal, and

(d) specifies an address at which any such request can be lodged.

(1A) However, if the value of the dormant fund does not exceed $50,000 and the Commissioner considers that the proposals so formulated are clearly appropriate, the Commissioner may dispense with the publication of the notice in a newspaper. If the Commissioner does so, the Commissioner must send a copy of the notice to the persons who are or were formerly the trustees of the fund (but only in so far as they are still alive and their whereabouts are known to the Commissioner).

(1B) For the purposes of subsection (1), a notice may be published in any newspaper circulating throughout the State or, if the dormant fund was established and operated in a particular area of the State only, in any newspaper circulating throughout the State or that area.

(2) Procedure if no request for referral to Tribunal received The following provisions apply if the Commissioner does not receive a request for the proposals to be referred to the Tribunal within the time specified in the notice for the making of such a request—

(a) the Commissioner must forward a copy of the proposals to the Attorney General,

(b) the Attorney General may—

(i) approve the proposals, or

(ii) refer the proposals back to the Commissioner for further consideration, or

(iii) request that the Commissioner refer the proposals to the Tribunal for its consideration,