PROTECTION OF DEPOSITORS ACT (NORTHERN IRELAND) 1964 - SECT 7 Termination of requirements as to periodical accounts.

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PROTECTION OF DEPOSITORS ACT (NORTHERN IRELAND) 1964 - SECT 7

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.

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Northern Irish Legislation

PROTECTION OF DEPOSITORS ACT (NORTHERN IRELAND) 1964 - SECT 7