![]() |
[Home] [Databases] [World Law] [Search] [Feedback] | |
Northern Irish Legislation |
||
You are here: BAILII >> Databases >> Northern Irish Legislation >> PROTECTION OF DEPOSITORS ACT (NORTHERN IRELAND) 1964 |
[Index]
[Table]
[Search]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[Context]
[Help]
Termination of requirements as to periodical accounts. 7.(1) If, throughout any period of fifteen months, a company to which section 6 applies has issued no advertisement for deposits and has retained no money deposited with the company, the company may deliver a notice to that effect to the Registrar and the Ministry; and thereupon section 6 shall cease to apply to the company. (2) Without prejudice to subsection (1), a company to which section 6 applies may at any time deliver to the Registrar and the Ministry a notice stating that the issue of advertisements for deposits will be discontinued as from the delivery notice; and if no such advertisement is issued by the company during the period of three years after the date of delivery of the notice, section 6 shall cease to apply to the company at the expiration of that period or, if the company then retains any deposit which (a)was made before the delivery of the notice; and (b)has not become repayable within the said period; (3) Where a notice is delivered by a company under subsection (2), it shall be the duty of the company to give notice in writing to that effect (including a statement of the effect of that subsection) (a)within six months after the delivery of the first-mentioned notice, to all persons appearing to the company to be persons who then were and have not ceased to be depositors with the company; and (b)before accepting, at any time within the period of three years mentioned in subsection (2), a deposit from any person to whom notice under this subsection has not already been given, to that person; (4) Nothing in this section shall affect the application of section 6 to any company which, after that section has ceased to apply by virtue of this section, issues a further advertisement for deposits; and in relation to the first such advertisement issued by such a company (a)the reference in section 5 to the last relevant balance sheet shall be construed as a reference to the audited balance sheet last delivered under section 6(2)(a), or last laid before the company in general meeting, whichever is the later; and (b)subsection (4) of section 5 shall apply as if no advertisement for deposits had previously been issued by the company. (5) For the purposes of this section a deposit shall be deemed to have become repayable on the earliest date on which the depositor could have called for repayment if he had exercised all options or rights available to him. (6) Any notice required to be given to any person under subsection (3) shall be deemed to have been given to that person if sent to him by post at his last known address.
© 1964 Crown Copyright
BAILII:
Copyright Policy |
Disclaimers |
Privacy Policy |
Feedback
URL: http://www.bailii.org/nie/legis/num_act/podai1964455/s7.html