Dormant Bank and Building Society Accounts Bill [HL]

moved Amendment No. 11A: 11A: Clause 2, page 2, line 18, leave out ““the balance”” and insert ““the total amount of the balance on the dormant account calculated prior to any transfer of the proportion to a charity under subsection (1)(b) which”” The noble Baroness said: The amendment has been suggested to us by the Law Society of Scotland, which, as I am sure the Minister is aware, often produces careful and well thought-out amendments, which I am always happy to table in Committee for the purposes of discussion. The intent of Clause 2 is that the small bank or building society should transfer its dormant account money to its own pet charity, but that it should reach an agreement with the reclaim fund to transfer some money to that fund to meet possible repayment claims. There is no problem with that. The Law Society of Scotland believes there is some ambiguity about the use of the term ““balance”” in subsection (2)(b). Because the balance on the dormant account is being split into two destinations, the references in subsection (2) could mean the balance transferred to the reclaim fund or the balance transferred to the charity. The amendment is designed to make it clear that what is intended on a repayment is the whole balance, calculated before any transfers were made elsewhere. I hope the Minister shares the Law Society of Scotland’s desire for clarity, and I beg to move.