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PROTECTION OF DEPOSITORS ACT (NORTHERN IRELAND) 1964 - SECT 12

Change of business.

12.(1) Subject to the provisions of this section, if any company to which
section 6 applies, having issued after the commencement of this Act an
advertisement for deposits describing the business or any particular business
carried on or proposed to be carried on by the company, thereafter carries on
any business not described in that advertisement and not being a business of
the same character as a business so described, any deposit to which this
section applies shall, notwithstanding anything to the contrary in the terms
on which it was made, be repayable on demand.

(2) Within fourteen days after a deposit made with any company becomes
repayable under this section in consequence of the carrying on by the company
of any business, the company shall give notice in writing to the person
appearing to the company to be entitled to repayment, describing the business
in question and informing him of his right to demand repayment under this
section.

(3) The deposits to which this section applies, in relation to any
advertisement issued by a company, are all deposits made with the company
after the date on which the advertisement is first issued and before the
expiration of fourteen days after the date on which accounts comprising
particulars of the business in question are next delivered by the company
under this Act; but a deposit shall not be repayable under this section in
consequence of the carrying on by a company of any business

(a)if, before the deposit is made, the company has given notice in writing
describing the business in question to the person making the deposit; or

(b)if, before the business in question is commenced, the company has given
notice in writing to the depositor describing that business and the depositor
has not within such period as may be specified for that purpose in the notice
(not being less than fourteen days) signified to the company in writing his
intention of demanding repayment if the business is commenced; or

(c)if the notice given in respect of the deposit under subsection (2)
specifies a period (not being less than fourteen days) within which a demand
for repayment may be made by virtue of this section and no such demand is made
within that period.

(4) Any notice under this section shall be deemed to have been given to a
person if sent to him by post at his last known address.

(5) For the purposes of this section a company shall be treated as carrying on
any business carried on by any company which is a subsidiary of that company.

© 1964 Crown Copyright

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