sec.70Dormant accounts

sec.70 Dormant accounts

This section applies, if— 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 immediately before the transfer date the amount has not been lawfully totally paid out as mentioned in section 138A(6)(b) of that code. 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. (sec.70-ssec.1) This section applies, if— 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 immediately before the transfer date the amount has not been lawfully totally paid out as mentioned in section 138A(6)(b) of that code. (sec.70-ssec.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.

• (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 has not been lawfully totally paid out as mentioned in section 138A(6)(b) of that code.