45Dormant accounts

45 Dormant accounts

45 Dormant accounts

(1) This section applies if:

(a) before the transfer date a society transferred an amount from a person’s deposit account with the society to another account under section 138A (4) (c) of the Financial Institutions Code, and

(b) immediately before the transfer date the amount had not been lawfully totally paid out as mentioned in section 138A (6) (b) of that Code.

(2) Immediately before the transfer date the amount remaining in the other account for the person is taken to have been transferred back to the person’s deposit account as if it had never been classified as a dormant account or closed under section 138A of the Financial Institutions Code.