Unclaimed Financial Assets Act

This Act may be cited as the Unclaimed Financial Assets Act.

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Jurisdiction: Kenya
Instrument: Act or statute
Citation: Cap. 494
Version: 1 Jul 2023
Language: en
Official source: View official record ↗

Citation provenance: source:ke:kenyalaw · schema StatuteEnrichmentPublicV1.

Source attribution: Source: Kenya Law

Statute overview

About this statute

This Act may be cited as the Unclaimed Financial Assets Act. This section provides definitions of terms used in the Act (for example: "apparent owner", "assets", "Authority", "holder", "unclaimed assets", and "utility"). Any sum a holder has been ordered by a court to refund that remains unclaimed by the owner for more than two years after it became payable is presumed abandoned, except to the extent a court orders otherwise. An ownership interest is presumed abandoned if the owner has not claimed or communicated about dividends or similar payments for more than three years, or if the entity does not know the owner's whereabouts; returned notifications count as evidence. Assets distributable during dissolution that remain unclaimed by the owner for more than two years after the date specified for final distribution are presumed abandoned.

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Provisions of Unclaimed Financial Assets Act

Showing 55 of 55

Part I

PRELIMINARY

1
PRELIMINARY - 1. Short title
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AI-assisted research summary: This Act may be cited as the Unclaimed Financial Assets Act.

Section 1. Short title Section This Act may be cited as the Unclaimed Financial Assets Act.
2
PRELIMINARY - 2. Interpretation
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AI-assisted research summary: This section provides definitions of terms used in the Act (for example: "apparent owner", "assets", "Authority", "holder", "unclaimed assets", and "utility").

Section 2. Interpretation Section In this Act, unless the context otherwise requires— "apparent owner" means the person whose name appears on the records of the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") as the person entitled to assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") held, issued, or owing by the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") ; "assets" means financial assets to which this Act applies and includes any income, dividend or interest thereon; "Authority" means the Unclaimed Assets Authority established by section 39 ; "bank" has the meaning assigned to it in the Banking Act ( Cap. 488 ); "Board" means the board of the Authority ("the Unclaimed Assets Authority established by;") ; "Cabinet Secretary" means the Cabinet Secretary for the time being responsible for matters relating to finance; "chief executive officer" means the chief executive officer of the Authority ("the Unclaimed Assets Authority established by;") appointed under section 42 ; "financial institution" has the meaning assigned to it in the Banking Act ( Cap. 488 ); "Fund" means the Unclaimed Assets Trust Fund established by section 44 ; "holder" means any entity who, in respect to assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") to which this Act applies, holds such assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") on behalf of an owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") , is in possession of assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") belonging to another, is indebted to another on an obligation or is a trustee; "insurance company" has the meaning assigned to it in the Insurance Act ( Cap. 487 ); "last known address" means a description of the location of the apparent owner ("the person whose name appears on the records of the holder as the person entitled to assets held, issued, or owing by the holder;") sufficient for the purpose of the delivery of mail; "owner" means a person having a legal or equitable interest in assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") subject to this Act and includes the legal representative of the owner; "unclaimed assets" means assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") that— (a) have been presumed abandoned and have become unclaimed assets under the provisions of this Act; (b) have been transferred to the Authority ("the Unclaimed Assets Authority established by;") as unclaimed assets under this Act; (c) have been deemed under any other law to be unclaimed assets and payable to the Authority ("the Unclaimed Assets Authority established by;") , and includes all income, dividend or interest thereon but excludes any lawful charges thereon; and "utility" means a person who carries on, the business of transmission, sale, delivery, or supply of electricity, water or other utility services.
Referenced legislation
- Banking Act ( Cap. 488 ); (unresolved)
- Insurance Act ( Cap. 487 ); (unresolved)
- Banking Act ( Cap. 488 ); (unresolved)

Part II

DETERMINATION OF UNCLAIMED ASSETS

10
DETERMINATION OF UNCLAIMED ASSETS - 10. Determination or order by court of refund byholder
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AI-assisted research summary: Any sum a holder has been ordered by a court to refund that remains unclaimed by the owner for more than two years after it became payable is presumed abandoned, except to the extent a court orders otherwise.

Section 10. Determination or order by court of refund byholder Section Except to the extent otherwise ordered by a court, any sum that a holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") has been ordered to refund by a court that remains unclaimed by the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") for more than two years after it became payable in accordance with the final determination providing for the refund, whether or not the final determination requires any person entitled to a refund to make a claim for the refund, is presumed abandoned.
11
DETERMINATION OF UNCLAIMED ASSETS - 11. Ownership interest, etc.
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AI-assisted research summary: An ownership interest is presumed abandoned if the owner has not claimed or communicated about dividends or similar payments for more than three years, or if the entity does not know the owner's whereabouts; returned notifications count as evidence.

Section 11. Ownership interest, etc. Section 11(1)(a) the interest in the entity is owned by a person who for more than three years has not claimed a dividend, distribution, or other sum payable as a result of the interest, or who has not communicated with the entity regarding the interest or a dividend, distribution, or other sum payable as the result of the interest, as evidenced by a memorandum or other record on file with the entity prepared by the entity; Section 11(1)(b) the entity does not know the whereabouts of the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") at the end of the three year period. Section 11(2) The return of official shareholder notifications or communications as undeliverable is evidence that the entity does not know the location of the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") . Section 11(3) This section applies to both the underlying stock, share, or other intangible ownership interest of an owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") , and any stock, share, or other intangible ownership interest of which the business entity is in possession of the certificate or other evidence or indication of ownership, and to the stock, share, or other ownership interest of dividend and non-dividend paying business entities whether or not the interest is represented by a certificate. Section 11(4) At the time an interest is presumed abandoned under this section, any dividend, distribution, or other sum then held for or owing to the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") as a result of the interest, and not previously presumed abandoned, shall be presumed abandoned.
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DETERMINATION OF UNCLAIMED ASSETS - 12. Assets from dissolved business entity
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AI-assisted research summary: Assets distributable during dissolution that remain unclaimed by the owner for more than two years after the date specified for final distribution are presumed abandoned.

Section 12. Assets from dissolved business entity Section Assets distributable in the course of dissolution of a business entity that remain unclaimed by the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") for more than two years after the date specified for final distribution is presumed abandoned.
13
DETERMINATION OF UNCLAIMED ASSETS - 13. Assets held in fiduciary capacity
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AI-assisted research summary: Assets held in a fiduciary capacity are presumed abandoned unless the owner, within two years after they become payable or distributable, takes steps (increasing or decreasing principal, accepting payment, communicating about the assets, or otherwise indicating interest with a record by the fiduciary) to show continued interest.

Section 13. Assets held in fiduciary capacity Section 13(1) Assets held in a fiduciary capacity for the benefit of another person are presumed abandoned unless the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") , within two years after they have become payable or distributable, has increased or decreased, the principal, accepted any payment in respect thereof, communicated concerning the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") , or otherwise indicated any other interest as evidenced by a record prepared by the fiduciary. Section 13(2) For the purposes of this Act, a person who is deemed to hold assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") in a fiduciary capacity for a business entity alone is the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") only insofar as the interest of the business entity in the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") is concerned, and the business entity is the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") insofar as the interest of any other person in the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") is concerned.
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DETERMINATION OF UNCLAIMED ASSETS - 14. Gift certificate or credit memo
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AI-assisted research summary: Gift certificates, gift cards, and credit memos become presumed abandoned after five years of non-use or non-claim as described; what counts as a claim includes transaction processing activity, issuer-initiated fees don't count, owners are presumed recipients, and retail-issued certificates are excluded from the Act.

Section 14. Gift certificate or credit memo Section 14(1)(a) the certificate, card, or memo is not claimed or used for a period of five years after becoming payable or distributable; Section 14(1)(b) the certificate, card, or memo was used or claimed one or more times without exhausting its full value, but subsequently was not claimed or used for an uninterrupted period of five years. Section 14(2) For purposes of subsection (1), a gift certificate or gift card is considered to have been claimed or used if there is any transaction processing activity on the gift certificate or gift card including, but not limited to, redeeming, refunding, or adding value to the certificate or card. Section 14(3) Activity initiated by the issuer of the certificate or card, including, but not limited to, assessing inactivity fees or similar service fees, does not constitute transaction processing activity for purposes of subsection (2). Section 14(4) In the case of a gift certificate or gift card, the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") is presumed to be a recipient of the gift certificate or gift card, and the amount presumed abandoned is the price paid by the purchaser for the gift certificate or gift card, less the total of any purchases or fees assessed against the certificate or card. Section 14(5) In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo. Section 14(6) This Act does not apply to a gift certificate that is issued for retail goods or services by a person engaged in the retail sale of goods or services.
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DETERMINATION OF UNCLAIMED ASSETS - 15. Unpaid wages
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AI-assisted research summary: Wages and similar amounts that remain unclaimed by the owner for more than one year after becoming payable are presumed abandoned.

Section 15. Unpaid wages Section Unpaid wages including wages represented by unpresented payroll cheques, allowances, bonuses and terminal benefits owing in the ordinary course, of the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") ’s business that remain unclaimed by the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") for more than one year after becoming payable are presumed abandoned.
16
DETERMINATION OF UNCLAIMED ASSETS - 16. Assets held in safe deposit box or repository
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AI-assisted research summary: Assets kept in safe deposit boxes or other safekeeping repositories that remain unclaimed by the owner for more than two years after the lease or rental period has expired are presumed abandoned.

Section 16. Assets held in safe deposit box or repository Section Assets that by their nature may lawfully be sold, held in a safe deposit box or any other safekeeping repository in Kenya in the ordinary course of the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") ’s business, and proceeds resulting from the sale of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") , that remain unclaimed by the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") for more than two years after the lease or rental period on the box or other repository has expired, are presumed abandoned.
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DETERMINATION OF UNCLAIMED ASSETS - 17. Assets held by court or Government department
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AI-assisted research summary: Assets held by a court or a Government department that remain unclaimed by the owner for more than one year after becoming payable or distributable are presumed abandoned.

Section 17. Assets held by court or Government department Section Assets held for the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") by a court or a Government department that remains unclaimed by the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") for more than one year after becoming payable or distributable is presumed abandoned.
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DETERMINATION OF UNCLAIMED ASSETS - 18.Cabinet Secretaryto prescribe further classes ofassetsetc.
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AI-assisted research summary: The Cabinet Secretary may, by order in the Gazette, prescribe further classes of assets and further classes of holders to which this Act applies (subject to the Act).

Section 18.Cabinet Secretaryto prescribe further classes ofassetsetc. Section 18(1) Subject to this Act, the Cabinet Secretary ("the Cabinet Secretary for the time being responsible for matters relating to finance;") may by order in the Gazette prescribe such further class of assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") and such further class of holders to be assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") and holders respectively to which this Act applies. Section 18(2) The order referred to subsection (1) shall include such other requirements as the Cabinet Secretary ("the Cabinet Secretary for the time being responsible for matters relating to finance;") may deem necessary, including the period after which assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") referred to in subsection (1) may be presumed abandoned and deemed unclaimed assets .
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DETERMINATION OF UNCLAIMED ASSETS - 3. Unclaimedassetsgeneral requirements
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AI-assisted research summary: Section 3 provides a condition about when the records of a holder do not reflect the identity of the person entitled to assets and includes parenthetical definitions of "holder" and "financial assets".

Section 3. Unclaimedassetsgeneral requirements Section the records of the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") do not reflect the identity of the person entitled to the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") ;
4
DETERMINATION OF UNCLAIMED ASSETS - 4. Travellers cheques, money orders, etc.
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AI-assisted research summary: Sums payable in Kenya on travellers cheques or money orders outstanding for more than two years are presumed abandoned unless the owner communicates in writing with the issuer or otherwise indicates interest within two years, subject to subsection (4).

Section 4. Travellers cheques, money orders, etc. Section 4(1) Subject to subsection (4), any sum payable in Kenya on a travellers cheque that is outstanding for more than two years after its issuance is presumed abandoned unless the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") , within the two years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a record prepared by the issuer. Section 4(2) Subject to subsection (4), any sum payable in Kenya on a money order or similar written instrument that is outstanding for more than two years after its issuance is presumed abandoned unless the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") , within two years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a record prepared by the issuer. Section 4(3)(a) the issuer regularly imposes such charges and does not regularly reverse or otherwise cancel them; and Section 4(3)(b) there is an enforceable written contract between the issuer and the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") of the instrument under which the issuer may impose a charge. Section 4(4)(a) the records of the issuer show that the travellers cheque, money order or similar written instrument was purchased in Kenya; Section 4(4)(b) the issuer has its principal place of business in Kenya and the records of the issuer do not show the country in which the travellers cheque, money order, or similar written instrument was purchased; Section 4(4)(c) the issuer has its principal place of business in Kenya.
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DETERMINATION OF UNCLAIMED ASSETS - 5. Cheques, drafts or similar instruments
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AI-assisted research summary: Sums payable in Kenya on cheques, drafts or similar instruments that have been outstanding for more than two years are presumed abandoned unless the owner has, within the immediately preceding two years, communicated in writing with the bank or otherwise indicated an interest evidenced by the bank's record.

Section 5. Cheques, drafts or similar instruments Section 5(1) Any sum payable in Kenya on a cheque, draft, or similar instrument, on which a bank or financial institution is directly liable, including a banker’s cheque, which is outstanding for more than two years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") , within the immediately preceding two years, has communicated in writing with the bank or financial institution concerning it or otherwise indicated an interest as evidenced by a record prepared by the bank or financial institution . Section 5(2)(a) the issuer regularly imposes such charges and does not regularly reverse or otherwise cancel them; and Section 5(2)(b) there is an enforceable written contract between the issuer and the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") of the instrument under which the issuer may impose a charge.
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DETERMINATION OF UNCLAIMED ASSETS - 6. Demand, savings or matured time deposit
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AI-assisted research summary: Section 6 describes when demand, savings or matured time deposits and other financial assets are treated as described (including actions or indications by owners and communications with holders or banks) and defines related terms such as holder, owner, financial assets and the Authority.

Section 6. Demand, savings or matured time deposit Section 6(1)(a) in the case of a deposit, increased or decreased its amount or presented the passbook or other similar evidence of the deposit for the crediting of interest; Section 6(1)(b) communicated, in writing, with the bank or financial institution concerning the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") ; Section 6(1)(c) otherwise indicated an interest in the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") as evidenced by a record prepared by the bank or financial institution ; Section 6(1)(d) communicated, in writing, with the bank or financial institution ; Section 6(1)(d)(i) communicated, in writing, with the bank or financial institution ; Section 6(1)(d)(ii) otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by the bank or financial institution and unless the bank or financial institution communicates in writing with the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") with regard to the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") that would otherwise be abandoned under this subsection at the address to which communications regarding the other relationship regularly are sent. Section 6(2)(a) the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") regularly imposes such charges or ceases payment of interest and does not regularly reverse or otherwise cancel them or retroactively credit interest with respect to the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") ; and Section 6(2)(b) there is an enforceable written contract between the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") and the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") providing that the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") may impose a charge or cease payment of interest. Section 6(3) Any assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") described in subsection (1) that are automatically renewable are matured for purposes of subsection (1) seven years after the expiration of its initial time period, but in the case of any renewal to which the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") consents at or about the time of renewal by communicating in writing with the bank or financial institution or otherwise indicating consent as evidenced by a record prepared by the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") , the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") is matured upon the expiration of the last time period for which consent was given. Section 6(4) Where, at the time provided for delivery to the Authority ("the Unclaimed Assets Authority established by;") under section 22 , a penalty or forfeiture in the payment of interest would result from the delivery of the assets, the time for delivery shall be extended until the time when no penalty or forfeiture would result.
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DETERMINATION OF UNCLAIMED ASSETS - 7. Life or endowment insurance policy or annuity contract
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AI-assisted research summary: Funds under a life or endowment insurance policy or annuity contract are presumed abandoned if unclaimed for more than two years after they became due; insurers must search for correct addresses when notices to an insured or owner in Kenya are undeliverable, and must take reasonable steps to pay proceeds to a beneficiary if the insurer learns of the insured’s death and the beneficiary has not communicated within sixty days.

Section 7. Life or endowment insurance policy or annuity contract Section 7(1) Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than two years after the funds became due and payable as established from the records of the insurance company holding or owing the funds. Section 7(2) Where a person other than the insured or annuitant is entitled to the funds referred to in subsection (1) and the address of the person is not known to the insurance company or it is uncertain from the records of the insurance company who is entitled to the funds, it shall be presumed that the last known address ("a description of the location of the apparent owner sufficient for the purpose of the delivery of mail;") of the person entitled to the funds is the same as the last known address ("a description of the location of the apparent owner sufficient for the purpose of the delivery of mail;") of the insured or annuitant according to the records of the insurance company . Section 7(3)(a) the insurance company knows that the insured or annuitant has died; Section 7(3)(b) the insured has attained, or would have attained if he were living, the limiting age under the mortality table on which the reserve is based; Section 7(3)(c) the policy was in force at the time the insured attained, or would have attained, the limiting age; and neither the insured nor any other person appearing to have an interest in the policy within the preceding two years, according to the records of the insurance company , has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, corresponded in writing with the, insurance company concerning the policy, or otherwise indicated an interest as evidenced by a record prepared by the insurance company . Section 7(4) For purposes of this Act, the application of an automatic premium loan provision or other non-forfeiture provision contained in an insurance policy shall not prevent a policy from being matured or terminated under this section if the insured has died or the insured or the beneficiary of the policy otherwise has become entitled to the proceeds of the policy before the depletion of the cash surrender value of the policy by the application of those provisions. Section 7(5) Where any law or the terms of the life insurance policy require the insurance company to give notice to the insured or owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") that an automatic premium loan provision or other non-forfeiture provision has been exercised and the notice, given to an insured or owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") whose last known address ("a description of the location of the apparent owner sufficient for the purpose of the delivery of mail;") according to the records of the insurance company is in Kenya, is undeliverable, the insurance company shall make a reasonable search to ascertain the policyholder’s correct address to which the notice shall be delivered. Section 7(6) Notwithstanding any other law, where the insurance company learns of the death of the insured or annuitant and the beneficiary has not communicated with the insurance company within sixty days after the death of the insured or annuitant, the insurance company shall take reasonable steps to pay the proceeds to the beneficiary. Section 7(7)(a) the name of each beneficiary, or if a class of beneficiaries is named, the name of each current beneficiary in the class; Section 7(7)(b) the address of each beneficiary; Section 7(7)(c) relationship of each beneficiary to the insured; Section 7(7)(d) a copy of at least one identification document of each beneficiary, including a national identity card or passport.
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DETERMINATION OF UNCLAIMED ASSETS - 8. Demutualization ofinsurance company, etc.
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AI-assisted research summary: Holders of unclaimed demutualization proceeds must file a one-time initial report within six months after this Act comes into force.

Section 8. Demutualization ofinsurance company, etc. Section 8(1)(a) in the case of any funds, two years after the date of the demutualization, the funds remain unclaimed and the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") has not otherwise communicated with the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") or its agent regarding the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") as evidenced by a record with the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") or its agent. Section 8(1)(b) in the case of any stock, two years after the date of the demutualization, instruments or statements reflecting the distribution are either mailed to the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") and returned as undeliverable or not mailed to the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") because of an address on the books and records of the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") that is known to be incorrect and the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") has not otherwise communicated with the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") or its agent regarding the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") as evidenced by a memorandum or other record on file with the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") or its agent. Section 8(2) A holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") of unclaimed assets described in s section (1) shall file an initial one-time report of unclaimed demutualization proceeds not later than-six months after this Act comes into force. Section 8(3) In this section, "demutualization" means the payment of consideration for the relinquishment of a mutual membership interest in a mutual insurance company , whether or not undertaken in conjunction with a plan of demutualization, liquidation, merger, or other form of reorganization.
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DETERMINATION OF UNCLAIMED ASSETS - 9. Deposit forutilityservices
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AI-assisted research summary: Deposits or advance payments for utility services that remain unclaimed by the owner for more than two years after termination are presumed abandoned.

Section 9. Deposit forutilityservices Section A deposit made by a subscriber with a utility ("a person who carries on, the business of transmission, sale, delivery, or supply of electricity, water or other utility services") to secure provision of services or any sum paid in advance for utility ("a person who carries on, the business of transmission, sale, delivery, or supply of electricity, water or other utility services") services to be furnished, that remains unclaimed by the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") for more than two years after termination of the services for which the deposit or advance payment was made shall be presumed abandoned.

Part III

DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC

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DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 19. Duty to locate and notify owners ofassets
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AI-assisted research summary: Holders of assets to which the Act applies must make all reasonable efforts to locate and notify the owners of those assets.

Section 19. Duty to locate and notify owners ofassets Section 19(1) A holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") of assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") to which this Act applies shall make all reasonable efforts to locate the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") and to notify the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") about those assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") . Section 19(2) The reasonable efforts required under subsection (1) shall be made in such manner and within such period as the Authority ("the Unclaimed Assets Authority established by;") may prescribe. Section 19(3) Without prejudice to the generality of subsections (1) and (2), within a period not less than sixty days and not more than one year before filing the report required by section 20 , the holder in possession of assets presumed abandoned and subject to the Authority’s custody as unclaimed assets under this Act shall send written notice to the apparent owner at his last known address informing him that the holder is in possession of assets subject to this Act where the holder has in its records an address of the apparent owner.
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DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 20. Report of presumed abandonedassets; duties ofassetsholder
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AI-assisted research summary: Holders of assets presumed abandoned must report specified details about those assets and owners to the Authority, file an annual report by 1 November (covering the year to 30 June), and the Authority may extend the filing date for up to 60 days if estimated payment is made by the deadline.

Section 20. Report of presumed abandonedassets; duties ofassetsholder Section 20(1) A person holding assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") presumed abandoned and subject to the custody of the Authority ("the Unclaimed Assets Authority established by;") as unclaimed assets under this Act shall make a report concerning the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") to the Authority ("the Unclaimed Assets Authority established by;") as provided in this section. Section 20(2)(a) the name, if known, and last known address ("a description of the location of the apparent owner sufficient for the purpose of the delivery of mail;") , if any, of each person appearing from the records of the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") to be the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") of assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") presumed abandoned under this Act; Section 20(2)(b) in the case of unclaimed assets held or owing under any life or endowment insurance policy or annuity contract, the full name and last known address ("a description of the location of the apparent owner sufficient for the purpose of the delivery of mail;") of the insured or annuitant and of the beneficiary according to the records of the insurance company holding or owing the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") ; Section 20(2)(c) in the case of the contents of a safe deposit box or other safekeeping repository or of other tangible assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") , a description of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") and the place where they are held and may be inspected by the Authority ("the Unclaimed Assets Authority established by;") and any amounts owing to the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") ; Section 20(2)(d) the nature and identifying number, if any, or description of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") and the amount appearing from the records to be due; Section 20(2)(e) the date the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") became payable, demandable, or returnable, and the date of the last transaction with the apparent owner ("the person whose name appears on the records of the holder as the person entitled to assets held, issued, or owing by the holder;") with respect to the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") ; Section 20(2)(f) other information the Authority ("the Unclaimed Assets Authority established by;") may lawfully require. Section 20(3) Where the person holding assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") presumed abandoned and subject to the Authority ("the Unclaimed Assets Authority established by;") ’s custody as unclaimed assets under this Act is a successor to other persons who previously held the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") for the apparent owner ("the person whose name appears on the records of the holder as the person entitled to assets held, issued, or owing by the holder;") , or the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") has changed its name while holding the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") , the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") shall file with the report all known names, addresses and any other particulars of each previous holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") . Section 20(4) Except as otherwise provided in this section, the report referred to in subsection (1) shall be filed on or before the first day of November of each year for the twelve-month period ending on the immediately preceding thirtieth day of June. Section 20(5) The Authority ("the Unclaimed Assets Authority established by;") may extend the filing date provided for in subsection (4) for up to sixty days after the deadline if an estimated payment is paid on or before the deadline for the twelve-month period ending on the immediately preceding thirtieth of June. Section 20(6) A request for extension of time to file the report shall not be deemed a request for an extension of time to remit payments. Section 20(7) The Authority ("the Unclaimed Assets Authority established by;") shall determine how estimated payments are to be remitted to it by a holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") under this Act.
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DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 21.Authoritymay request for information
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AI-assisted research summary: The Authority may request information from a person it reasonably believes is a holder; that person must provide the information the Authority requires within any time or intervals specified in the request.

Section 21.Authoritymay request for information Section For the purposes of this Act, the Authority ("the Unclaimed Assets Authority established by;") may request a person who the Authority ("the Unclaimed Assets Authority established by;") reasonably believes is a holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") of assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") to provide such information to the Authority ("the Unclaimed Assets Authority established by;") as the Authority ("the Unclaimed Assets Authority established by;") may require, within such time or at such intervals as may be specified in the request.
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DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 22. Payment or delivery of abandonedassetstoAuthority
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AI-assisted research summary: A person required to file the report under section 20 must, when filing, pay or deliver to (or hold to the order of) the Authority all abandoned assets reportable under that section or any balance owing if an earlier estimated payment was made.

Section 22. Payment or delivery of abandonedassetstoAuthority Section A person who is required to file a report under section 20 shall at the time of filing the report pay or deliver to, or hold to the order of the Authority all abandoned assets that are required to be reported under that section or any balance owing if an estimated payment was earlier made to the Authority.
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DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 23.Authorityto assume custody; rights ofassetsholder, etc.
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AI-assisted research summary: The Unclaimed Assets Authority must assume custody and safekeeping of assets paid or delivered to it.

Section 23.Authorityto assume custody; rights ofassetsholder, etc. Section 23(1) Upon the payment or delivery of assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") to the Authority ("the Unclaimed Assets Authority established by;") , the Authority ("the Unclaimed Assets Authority established by;") shall assume custody and responsibility for the safekeeping of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") . Section 23(2) A person who pays or delivers assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") to the Authority ("the Unclaimed Assets Authority established by;") in good faith shall be relieved of all liability to the extent of the value of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") paid or delivered for any claim then existing or which may arise or be made in respect to the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") after the payment or delivery to the Authority ("the Unclaimed Assets Authority established by;") . Section 23(3) Where the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") pays or delivers assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") to the Authority ("the Unclaimed Assets Authority established by;") in good faith and another person claims the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") from the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") or another country claims the money or assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") under its laws relating to escheat or abandoned or unclaimed assets , the Authority ("the Unclaimed Assets Authority established by;") , upon written notice of the claim, shall defend the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") against the claim and indemnify the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") against any liability on the claim. Section 23(4)(a) that payment or delivery was made in a reasonable attempt to comply with this Act; Section 23(4)(b) that the person delivering the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") was not a fiduciary then in breach of trust in respect to the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") and had a reasonable basis for believing, based on the facts then known to him, that the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") was abandoned for the purposes of this Act; and Section 23(4)(c) that there is no indication that the records under which the delivery was made did not meet reasonable commercial standards of practice in the industry. Section 23(5) Assets removed from a safe deposit box or other safekeeping repository shall be received by the Authority ("the Unclaimed Assets Authority established by;") subject to the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") ’s right under this subsection to be reimbursed for the actual cost of the opening and to any valid lien or contract providing for the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") to be reimbursed for unpaid rent or storage charges. Section 23(6) The Authority ("the Unclaimed Assets Authority established by;") shall reimburse or pay the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") out of the proceeds remaining after deducting the Authority ("the Unclaimed Assets Authority established by;") ’s selling cost of an asset under this Act.
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DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 24. Authorised deductions by theAuthority
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AI-assisted research summary: Section 24 authorises certain deductions in relation to abandoned financial assets and requires the Authority to ensure deducted costs are reasonable and reflect best market value; it also caps the subsection (1)(c) service charges at one per cent of the gross asset value.

Section 24. Authorised deductions by theAuthority Section 24(1)(a) costs in connection with the sale of abandoned assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") ; Section 24(1)(b) costs of mailing and publication in connection with any abandoned assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") ; Section 24(1)(c) reasonable service charges; Section 24(1)(d) costs incurred in examining records of holders of assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") and in collecting the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") from those holders. Section 24(2) The Authority ("the Unclaimed Assets Authority established by;") shall ensure that the costs and charges deducted pursuant to subsection (1) are reasonable and in accordance with the best market value available. Section 24(3) Notwithstanding subsection (2), the charges deducted under subsection (1)(c) shall not exceed one per cent of the gross value of the asset in question.
25
DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 25. Dividends, interest or other income
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AI-assisted research summary: An owner is entitled to receive from the Authority any dividends, interest, or other income realized or accruing on assets delivered to the Authority, at or before liquidation or conversion of the assets into money.

Section 25. Dividends, interest or other income Section Where assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") other than money is delivered to the Authority ("the Unclaimed Assets Authority established by;") under this Act, the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") shall be entitled to receive from the Authority ("the Unclaimed Assets Authority established by;") any dividends, interest, or other income realized or accruing on the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") at or before liquidation or conversion of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") into money.
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DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 26. Sale ofunclaimed assets
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AI-assisted research summary: The Unclaimed Assets Authority must sell unclaimed financial assets (subject to reserve price) at public auction within three years of receipt, follow pre-sale notice rules, sell listed securities at exchange prices, may sell unlisted securities OTC or otherwise, should sell presumed abandoned securities within one year unless the Authority decides otherwise, purchasers take assets free of prior claims, and the Authority must execute transfer documents.

Section 26. Sale ofunclaimed assets Section 26(1) Except as provided in this section, the Authority ("the Unclaimed Assets Authority established by;") , not later than three years after the receipt of the abandoned assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") referred to in section 25 , shall sell such assets, subject to a reserve price, to the highest bidder at a public auction. Section 26(2) Any sale held under this section shall be preceded by at least one publication of notice, at least three weeks in advance of sale, in at least one newspaper of national circulation. Section 26(3) Securities listed on a stock exchange shall be sold by the Authority ("the Unclaimed Assets Authority established by;") at prices prevailing at the time of sale on the exchange. Section 26(4) Securities not listed on a stock exchange may be sold over the counter at prices prevailing at, the time of sale or by any such other method as the Authority ("the Unclaimed Assets Authority established by;") may consider appropriate. Section 26(5) Unless the Authority ("the Unclaimed Assets Authority established by;") considers it to be in the best interest of the Fund ("the Unclaimed Assets Trust Fund established by;") to do otherwise, all securities presumed abandoned under this Act and delivered to the Authority ("the Unclaimed Assets Authority established by;") shall be sold within one year of the receipt of the securities. Section 26(6) The purchaser of assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") at a sale conducted by the Authority ("the Unclaimed Assets Authority established by;") under this Act shall take the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") free of all claims of the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") or previous holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") and of all persons claiming through or under the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") or previous holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") . Section 26(7) The Authority ("the Unclaimed Assets Authority established by;") shall execute all documents necessary to complete the transfer of ownership to the purchaser.
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DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 27. Availability of information to the public
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AI-assisted research summary: The Authority must, upon payment of an inspection fee it may determine, make available during business hours the owner's or apparent owner's name and a general description of the delivered assets for public inspection.

Section 27. Availability of information to the public Section The Authority ("the Unclaimed Assets Authority established by;") shall, upon payment of such inspection fee as the Authority ("the Unclaimed Assets Authority established by;") may from time to time determine; make available for public inspection at all business hours, only the name of the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") or apparent owner ("the person whose name appears on the records of the holder as the person entitled to assets held, issued, or owing by the holder;") and a general description of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") delivered to it under this Act.
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DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 28. Claims onassets
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AI-assisted research summary: Claimants may file claims with the Unclaimed Assets Authority; the Authority must consider each claim within ninety days and give written notice of its decision; where a claim is allowed the Authority must pay or deliver the assets or amounts to the claimant or a designated person. Notices may be mailed to addresses stated in or associated with the claim.

Section 28. Claims onassets Section 28(1) A person claiming an interest in any assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") paid or delivered to the Authority ("the Unclaimed Assets Authority established by;") under this Act, may file with the Authority ("the Unclaimed Assets Authority established by;") a claim on such form as may be prescribed for that purpose by the Authority ("the Unclaimed Assets Authority established by;") . Section 28(2) The Authority ("the Unclaimed Assets Authority established by;") shall consider each claim referred to subsection (1) within ninety days after it is filed and shall give written notice to the claimant of its decision. Section 28(3) The notice under subsection (2) may be given by mailing it to the last address, if any, stated in the claim as the address to which notices are to be sent. Section 28(4) Where no address for notices is stated in the claim, the notice may be mailed to the last address, if any, of the claimant as stated in the claim. Section 28(5) Where a claim is allowed, the Authority ("the Unclaimed Assets Authority established by;") shall pay over or deliver to the claimant or such other person as the claimant may designate the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") or the amount the Authority ("the Unclaimed Assets Authority established by;") actually received or the net proceeds if it has been sold by the Authority ("the Unclaimed Assets Authority established by;") . [Act No. 4 of 2023 , s. 87.]
Referenced legislation
- Act No. 4 of 2023 (unresolved)
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DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 29. Action to establish claim in court
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AI-assisted research summary: A person aggrieved by the Authority's decision, or whose claim was not acted on within ninety days of filing, may bring an action in court against the Authority.

Section 29. Action to establish claim in court Section 29(1) A person who is aggrieved by a decision of the Authority ("the Unclaimed Assets Authority established by;") or whose claim has not been acted upon within ninety days after its filing may bring an action in court against the Authority ("the Unclaimed Assets Authority established by;") . Section 29(2) The action shall be brought within ninety days after the decision of the Authority ("the Unclaimed Assets Authority established by;") or within one hundred and eighty days after the filing of the claim where the Authority ("the Unclaimed Assets Authority established by;") has failed to Act on a claim.
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DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 30. Expiration of time period specified by contract, statute of court order
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AI-assisted research summary: The expiration of a time period specified by contract, statute, or court order does not stop assets from being presumed abandoned and does not affect duties to report or to pay or deliver abandoned assets to the Authority; such assets shall be delivered to the Authority and dealt with as unclaimed assets under this Act.

Section 30. Expiration of time period specified by contract, statute of court order Section The expiration, before or after the commencement of this Act, of any period of time specified by contract, statute, or court order, during which a claim for assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") can be made or during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or to recover assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") , shall not prevent the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") from being presumed abandoned or affect any duty to file a report or to pay or deliver abandoned assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") to the Authority ("the Unclaimed Assets Authority established by;") as required by this Act and such assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") shall be delivered to the Authority ("the Unclaimed Assets Authority established by;") and dealt with as unclaimed assets under this Act.
31
DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 31. Report ofunclaimed assets; examination of records, etc.
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AI-assisted research summary: Section 31 gives the Unclaimed Assets Authority powers to require certified reports, examine records (with reasonable notice and times), contract others to examine, assess and recover examination costs from holders (subject to a cap), and to require holders to report and pay estimated amounts where records are insufficient.

Section 31. Report ofunclaimed assets; examination of records, etc. Section 31(1) The Authority ("the Unclaimed Assets Authority established by;") shall have powers to require a person who has not filed a report as required by section 20 or a person who the Authority believes has filed an incomplete, or false report, to file a certified report in a form specified by the Authority. Section 31(2) The report under section (1) shall state whether the person is holding any unclaimed assets reportable or deliverable under this Act, describe unclaimed assets not previously reported or as to which the Authority ("the Unclaimed Assets Authority established by;") has made inquiry, and specifically identify and state the amounts of assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") that may be in issue. Section 31(3) The Authority ("the Unclaimed Assets Authority established by;") shall have powers to, at reasonable times and upon reasonable notice, examine the records of a person to determine whether the person has complied with this Act. Section 31(4) The Authority ("the Unclaimed Assets Authority established by;") shall have powers to conduct the examination referred to in subsection (3) whether or not the person believes he or she is not in possession of any assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") reportable or deliverable under this Act. Section 31(5) The Authority ("the Unclaimed Assets Authority established by;") shall have powers to enter into contract with any other person to conduct the examination under this section on behalf of the Authority ("the Unclaimed Assets Authority established by;") . Section 31(6) Where an examination of the records of a person results in the disclosure of assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") reportable and deliverable under this Act, the Authority ("the Unclaimed Assets Authority established by;") shall have powers to assess the cost of the examination against the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") at such daily rate as the Cabinet Secretary ("the Cabinet Secretary for the time being responsible for matters relating to finance;") may determine provided that the charges shall not exceed the value of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") found to be reportable and deliverable. Section 31(7) The cost of examination made pursuant to subsection (3) shall be imposed only against the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") . Section 31(8) Where after this Act comes into force, a holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") fails to maintain the records required by section 31 and the records of the holder available for the periods subject to this Act are insufficient to permit the preparation of a report, the Authority shall have powers to require the holder to report and pay an amount as may reasonably be estimated from any available records.
32
DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 32. Maintenance of records; required time periods
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AI-assisted research summary: Holders who must file a report under section 20 must keep the owner's name and last known address for ten years after the assets become reportable; entities selling certain traveller instruments in Kenya must keep records of those instruments for three years after they become reportable.

Section 32. Maintenance of records; required time periods Section 32(1) A holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") required to file a report under section 20 , as to any assets for which it has obtained the last known address of the owner, shall maintain a record of the name and last known address of the owner for ten years after the assets becomes reportable, except to the extent that a shorter time is provided in subsection (2) or by the Authority. Section 32(2) An entity that sells in Kenya its travellers cheques, money orders, or other similar written instruments on which the business entity is directly liable, or that provides those instruments to others for sale in Kenya, shall maintain a record of those instruments while they remain outstanding, indicating the country and date of issue for three years after the date the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") are reportable.
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DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 33. Failure to pay or deliverassetsand penalties
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AI-assisted research summary: Persons who fail to pay or deliver assets as required must pay interest to the Unclaimed Assets Authority and may incur specified penalties for willful failures.

Section 33. Failure to pay or deliverassetsand penalties Section 33(1) A person who fails to pay or deliver assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") within the time prescribed by this Act shall pay to the Authority ("the Unclaimed Assets Authority established by;") interest at the current monthly rate of one percentage point above the adjusted prime rate per annum per month on the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") or value of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") from the date the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") should have been paid or delivered. Section 33(2) The adjusted prime rate shall be based on the Central Bank of Kenya average rate during the twelve-month period ending on thirtieth day of September. Section 33(3) The resulting current monthly interest rate based on the twelve-month period ending thirtieth day of September shall become effective on the first day of January of the following year. Section 33(4) A person who willfully fails to render any report or perform other duties required under this Act shall be liable to pay penalty of seven thousand shillings but not more than fifty thousand shillings for each day the report is withheld or the duty is not performed. Section 33(5) A person who willfully fails to pay or deliver assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") to the Authority ("the Unclaimed Assets Authority established by;") as required under this Act shall be liable to pay a penalty equal to twenty-five percent of the value of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") that should have been paid or delivered. Section 33(6)(a) be recoverable as civil debts summarily; and Section 33(6)(b) in total, not exceed the value of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") found to be reportable and deliverable.
33A
DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 33A. Waiver of penalties, fines and audit fees
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AI-assisted research summary: Holders of assets must disclose and deliver undeclared assets to the Unclaimed Assets Authority.

Section 33A. Waiver of penalties, fines and audit fees Section the waiver is intended to facilitate the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") of the asset to disclose and deliver the undeclared asset to the Authority ("the Unclaimed Assets Authority established by;") ;
33B
DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 33B. Voluntary Unclaimed Financial Assets Disclosure Programme
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AI-assisted research summary: Establishes a 12‑month Voluntary Unclaimed Financial Assets Disclosure Programme from commencement allowing holders to disclose unclaimed financial assets to the Unclaimed Assets Authority to obtain relief from penalties and interest; applies to assets held up to 30 June 2022, and holders who disclose within 12 months will not be liable for penalties or interest under sections 33(1),(4) and (5).

Section 33B. Voluntary Unclaimed Financial Assets Disclosure Programme Section 33B(1) There is established a programme to be known as the Voluntary Unclaimed Financial Assets Disclosure Programme which shall be for a period of twelve months from the date of the commencement of this section. Section 33B(2) The object and purpose of the programme established by subsection (1) shall be to grant relief of the penalties and interest in unclaimed assets where the holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") discloses, reports or delivers the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") to the Authority ("the Unclaimed Assets Authority established by;") in accordance with this section. Section 33B(3) A holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") of unclaimed assets may disclose, report and deliver the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") to the Authority ("the Unclaimed Assets Authority established by;") for the purpose of being granted relief on penalties and interest on such assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") . Section 33B(4) This section shall apply to assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") held up to the thirtieth day of June 2022. Section 33B(5) A holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") who discloses, reports and delivers the unclaimed financial assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") within twelve months from the date of commencement of this section shall not be liable to the penalties or interest payable under sections 33 (1), (4) and (5). [Act No. 22 of 2022 , s. 61.]
Referenced legislation
- Act No. 22 of 2022 (unresolved)
34
DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 34. Assets deemed unclaimed before this Act came into force
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AI-assisted research summary: When this Act comes into force it applies to assets that would previously have been deemed unclaimed, treating those earlier dates as if the Act had already been in force.

Section 34. Assets deemed unclaimed before this Act came into force Section 34(1) This Act shall, on coming into force, apply to all assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") that would, but for the absence of this Act, be deemed unclaimed assets under the provisions of this Act as if this Act had been in force at that earlier date on which the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") would have become unclaimed assets under this Act. Section 34(2) The initial report filed under this Act for assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") that are subject to this Act shall include all assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") that would have been presumed abandoned before this Act came into force as if this Act had been in effect during that period and such assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") shall be dealt with under the provisions of this Act.
35
DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 35. Duty to locate and notify owners ofassets
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AI-assisted research summary: The Unclaimed Assets Authority must try to find and notify owners of financial assets in its custody and, when notifying, choose the most cost-effective method based on the assets' value.

Section 35. Duty to locate and notify owners ofassets Section 35(1) The Authority ("the Unclaimed Assets Authority established by;") shall make reasonable efforts to locate the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") of assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") in the custody of the Authority ("the Unclaimed Assets Authority established by;") and notify him in accordance with this Act. Section 35(2) In notifying an owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") as required by subsection (1), the Authority ("the Unclaimed Assets Authority established by;") shall determine the most cost effective manner of making the notification depending on the respective value of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") concerned.
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DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 36. Unclaimedassetsdatabase
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AI-assisted research summary: Maintain an electronic or other database of all unclaimed assets submitted under this Act.

Section 36. Unclaimedassetsdatabase Section maintain an electronic or other database of all unclaimed assets submitted to it under this Act;
37
DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 37. Responsibility of regulatory authorities
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AI-assisted research summary: Regulatory authorities that supervise holders must assist the Unclaimed Assets Authority in enforcing this Act and must generally ensure the Act's objectives are achieved.

Section 37. Responsibility of regulatory authorities Section 37(1) Any regulatory authority responsible for the supervision of a holder ("any entity who, in respect to assets to which this Act applies, holds such assets on behalf of an owner, is in possession of assets belonging to another, is indebted to another on an obligation or is a trustee;") shall assist the Authority ("the Unclaimed Assets Authority established by;") in the enforcement of the provisions of this Act and generally ensure that the objectives of this Act are achieved. Section 37(2) Subject to section 3 , where there is conflict between the provisions of this Act and the provisions of any other law on any matter concerning unclaimed assets, the provisions of this Act shall prevail.
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DEALING WITH UNCLAIMED ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY, ETC - 38. Access to information and retention of records by theAuthority
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AI-assisted research summary: The Unclaimed Assets Authority is entitled to information held by public bodies to help locate or determine the owner of unclaimed assets, and public bodies must disclose such information to the Authority on request.

Section 38. Access to information and retention of records by theAuthority Section 38(1) Subject to any other written law to the contrary, the Authority ("the Unclaimed Assets Authority established by;") shall have the right to any information that is in the custody or control of a public body if that information can reasonably be expected to assist the Authority ("the Unclaimed Assets Authority established by;") in locating the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") , or determining the correct owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") , of an unclaimed asset for the purposes of this Act. Section 38(2) A public body that has custody or control of information to which the Authority ("the Unclaimed Assets Authority established by;") is entitled under subsection (1) shall disclose that information to the Authority ("the Unclaimed Assets Authority established by;") on request. Section 38(3)(a) the collection and recording of information concerning any assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") that become unclaimed assets ; and Section 38(3)(b) retention of records containing that information.

Part IV

THE UNCLAIMED FINANCIAL ASSETS AUTHORITY

39
THE UNCLAIMED FINANCIAL ASSETS AUTHORITY - 39. Establishment of the Unclaimed Financial AssetsAuthority
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AI-assisted research summary: Establishes the Unclaimed Financial Assets Authority and lists powers including suing and being sued, acquiring and disposing of property, borrowing and investing, entering into contracts, and performing acts necessary for its functions.

Section 39. Establishment of the Unclaimed Financial AssetsAuthority Section 39(1) There shall be an authority to be known as the Unclaimed Financial Assets Authority ("the Unclaimed Assets Authority established by;") . Section 39(2)(a) suing and being sued; Section 39(2)(b) taking, purchasing or otherwise acquiring, holding, charging or disposing of movable and immovable property; Section 39(2)(c) borrowing money or making investments; Section 39(2)(d) entering into contracts; and Section 39(2)(e) doing or performing all other acts or things for the proper performance of its functions under this Act which may lawfully be done or performed by a body corporate. Section 39(3) The Authority ("the Unclaimed Assets Authority established by;") shall perform the functions assigned to the Authority ("the Unclaimed Assets Authority established by;") under this Act.
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THE UNCLAIMED FINANCIAL ASSETS AUTHORITY - 40. Composition of theBoard
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AI-assisted research summary: Key governance rules for the Authority's Board: members elect a Chairperson at their first meeting; a member holds office for three years and may be re-appointed; the Chairperson (or presiding person) has a casting vote if votes are equal; the Board may act despite vacancies and may make meeting procedure rules; the seal must be authenticated by the Chairperson and Chief Executive Officer.

Section 40. Composition of theBoard Section 40(1)(a) one shall be appointed by virtue of his knowledge and experience in matters relating to banking and investment; Section 40(1)(a)(i) one shall be appointed by virtue of his knowledge and experience in matters relating to banking and investment; Section 40(1)(a)(ii) one shall be appointed by virtue of his knowledge and experience in matters relating to insurance; Section 40(1)(a)(iii) one shall be appointed by virtue of his knowledge and experience in matters relating to accounting and auditing, law, corporate or business management; and Section 40(1)(a)(iv) one shall be appointed by virtue of his knowledge in matters relating to unclaimed assets ; Section 40(1)(a)(v) one shall be appointed to represent the interest of consumers of financial services; Section 40(1)(b) the Principal Secretary to the National Treasury; Section 40(1)(c) the chief executive officer ("the chief executive officer of the Authority appointed under;") . Section 40(2) The members of the Board ("the board of the Authority;") shall, at their first meeting, elect a Chairperson from amongst the members of the Board ("the board of the Authority;") appointed under subsection (1)(a). Section 40(3)(a) has been convicted of an offence by a court of competent jurisdiction and sentenced to imprisonment for a term of six months or more; Section 40(3)(b) is adjudged bankrupt or has entered into a composition scheme or arrangement with his creditors; or Section 40(3)(c) is disqualified under the provisions of any other written law from appointment as such. Section 40(4) A member of the Board ("the board of the Authority;") shall hold office for a period of three years, but shall be eligible for re-appointment. Section 40(5)(a) at any time resign from office by notice in writing to the Cabinet Secretary ("the Cabinet Secretary for the time being responsible for matters relating to finance;") ; or Section 40(5)(b) has been absent from three consecutive meetings of the Board ("the board of the Authority;") without justifiable cause or the permission of the Chairperson; Section 40(5)(b)(i) has been absent from three consecutive meetings of the Board ("the board of the Authority;") without justifiable cause or the permission of the Chairperson; Section 40(5)(b)(ii) is adjudged bankrupt or enters into a composition scheme or arrangement with his creditors; or Section 40(5)(b)(iii) is convicted of an offence involving dishonesty or fraud; Section 40(5)(b)(iv) subject to paragraph (iii), is convicted of a criminal offence and sentenced to imprisonment for a term of six months or more; Section 40(5)(b)(v) is incapacitated by prolonged physical or mental illness; or Section 40(5)(b)(vi) is otherwise unable or unfit to discharge his functions. Section 40(6) The quorum for any meeting of the Board ("the board of the Authority;") shall be three. Section 40(7) All questions proposed at a meeting of the Board ("the board of the Authority;") shall be decided by a majority of the votes of the members present and voting, and in the event of equality of votes, the Chairperson or the person presiding shall have a casting vote in addition to the deliberative vote. Section 40(8) The Board ("the board of the Authority;") may act notwithstanding any vacancy among the membership. Section 40(9) Subject to this Act, the Board ("the board of the Authority;") may make rules for regulating the procedure at its meetings. Section 40(10) The seal of the Authority ("the Unclaimed Assets Authority established by;") shall be authenticated by the signature of the Chairperson of the Board ("the board of the Authority;") and the Chief Executive Officer and any document not required by law to be under seal and all decisions of the Board ("the board of the Authority;") may be authenticated by the Chairperson and the Chief Executive Officer: Provided that the Board ("the board of the Authority;") shall, in the absence of either the Chairperson or the Chief Executive Officer, in any particular case or for any particular matter, nominate one of their own, in the particular case or matter in respect of which he is nominated, authenticate the seal of the Board ("the board of the Authority;") on behalf of either the Chairperson or the Chief Executive Officer.
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THE UNCLAIMED FINANCIAL ASSETS AUTHORITY - 41. Objects and functions of theBoard
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AI-assisted research summary: The Board's objects and functions include enforcing and generally administering the provisions of the Act.

Section 41. Objects and functions of theBoard Section enforce, and generally administer, the provisions of this Act;
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THE UNCLAIMED FINANCIAL ASSETS AUTHORITY - 42. Appointment of thechief executive officer,etc.
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AI-assisted research summary: The Board must appoint a chief executive officer through a competitive process; the CEO is the managing trustee and responsible to the Board for day-to-day management. The Board may appoint other officers, exercise disciplinary control and may delegate powers under subsection (4).

Section 42. Appointment of thechief executive officer,etc. Section 42(1) The Board ("the board of the Authority;") shall, through a competitive process, appoint a chief executive officer ("the chief executive officer of the Authority appointed under;") who shall hold office on such terms and conditions of service as may be specified in the instrument of appointment. Section 42(2) The Chief Executive Officer shall be the managing trustee of the Fund ("the Unclaimed Assets Trust Fund established by;") . Section 42(3) The Chief Executive Officer shall be responsible to the Board ("the board of the Authority;") for the management of the day to day affairs of the Authority ("the Unclaimed Assets Authority established by;") . Section 42(4) The Board ("the board of the Authority;") shall have power to appoint on such terms and conditions of service as it may determine, such other officers, servants and agents of the Fund ("the Unclaimed Assets Trust Fund established by;") as may be necessary for the efficient administration of the Fund ("the Unclaimed Assets Trust Fund established by;") and the Board ("the board of the Authority;") shall exercise disciplinary control over such officers, servants and agents. Section 42(5) The Board ("the board of the Authority;") may, subject to such conditions as the Board ("the board of the Authority;") may think fit, by directions in writing, delegate any of its powers under subsection (4) to any one or more of the members of the Board ("the board of the Authority;") or to the Chief Executive Officer or other officer of the Fund ("the Unclaimed Assets Trust Fund established by;") .
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THE UNCLAIMED FINANCIAL ASSETS AUTHORITY - 43. Exemption from stamp duty
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AI-assisted research summary: The Fund and persons acting on behalf of the Authority are exempt from stamp duty for instruments executed for the Fund and for payments or refunds under this Act.

Section 43. Exemption from stamp duty Section No duty shall be chargeable under the Stamp Duty Act ( Cap. 480 ) in respect of any instrument executed by any person on behalf of or in favour of the Fund ("the Unclaimed Assets Trust Fund established by;") or in respect of the payment of any benefit or the refunding of any amount under this Act in any case where, but for this exemption, the Fund ("the Unclaimed Assets Trust Fund established by;") or any person acting on behalf of the Authority ("the Unclaimed Assets Authority established by;") .
Referenced legislation
- Stamp Duty Act ( Cap. 480 ) (unresolved)

Part V

THE UNCLAIMED FINANCIAL ASSETS TRUST FUND

44
THE UNCLAIMED FINANCIAL ASSETS TRUST FUND - 44. Establishment of the TrustFund
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AI-assisted research summary: Establishes the Unclaimed Assets Trust Fund and provides that it shall vest in, and be operated and managed by, the Authority.

Section 44. Establishment of the TrustFund Section 44(1) There shall be a Fund ("the Unclaimed Assets Trust Fund established by;") known as the Unclaimed Assets Trust Fund ("the Unclaimed Assets Trust Fund established by;") which shall vest in, and be operated and managed by, the Authority ("the Unclaimed Assets Authority established by;") . Section 44(2)(a) into the Fund ("the Unclaimed Assets Trust Fund established by;") , all moneys that become or are deemed to be unclaimed assets and other payments required by this Act or by any other written law to be paid into the Fund ("the Unclaimed Assets Trust Fund established by;") ; and Section 44(2)(b) payment due and payable to owners out of the Fund ("the Unclaimed Assets Trust Fund established by;") under the Act; Section 44(2)(b)(i) payment due and payable to owners out of the Fund ("the Unclaimed Assets Trust Fund established by;") under the Act; Section 44(2)(b)(ii) such amounts as may be approved by the Cabinet Secretary ("the Cabinet Secretary for the time being responsible for matters relating to finance;") to defray costs associated with the administration of the Authority ("the Unclaimed Assets Authority established by;") and performance of its functions under this Act.
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THE UNCLAIMED FINANCIAL ASSETS TRUST FUND - 45. Payment of claims
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AI-assisted research summary: The Authority may pay to an owner from the Unclaimed Assets Trust Fund an amount equal to the value of the assets (or part of them) that became unclaimed and were paid into the Fund; no interest accrues after the assets become unclaimed and are delivered to the Authority; a payment discharges the Authority from liability in respect of those assets.

Section 45. Payment of claims Section 45(1) Where the Authority ("the Unclaimed Assets Authority established by;") is satisfied that a person is the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") of all or part of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") that became unclaimed assets and paid into the Fund ("the Unclaimed Assets Trust Fund established by;") , the Authority ("the Unclaimed Assets Authority established by;") may pay out of the Fund ("the Unclaimed Assets Trust Fund established by;") to the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") an amount equal to the value of that assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") or part of that assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") as the case may be. Section 45(2) No interest or other earning accrues or is payable to an owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") in respect of the period after assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") becomes unclaimed assets and delivered to the Authority ("the Unclaimed Assets Authority established by;") under this Act. Section 45(3) A payment under this section to an owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") shall discharge the Authority ("the Unclaimed Assets Authority established by;") from liability to the owner ("a person having a legal or equitable interest in assets subject to this Act and includes the legal representative of the owner;") in respect of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") that became unclaimed assets and were actually paid into the Fund ("the Unclaimed Assets Trust Fund established by;") .
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THE UNCLAIMED FINANCIAL ASSETS TRUST FUND - 46. Accounts and audit
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AI-assisted research summary: The Authority must keep full books and records for the Unclaimed Assets Trust Fund; the Fund's accounts must be audited under the Public Audit Act by the Auditor‑General or an auditor the Authority appoints; and the Authority must publish the audited accounts in the Gazette and in at least two national newspapers.

Section 46. Accounts and audit Section 46(1) The Authority ("the Unclaimed Assets Authority established by;") shall cause to be kept all proper books of account and other books and records in relation to the Fund ("the Unclaimed Assets Trust Fund established by;") and to all the undertakings, funds, investments, activities and property of the Fund ("the Unclaimed Assets Trust Fund established by;") as the Authority ("the Unclaimed Assets Authority established by;") may deem necessary. Section 46(2)(a) a balance sheet showing in detail the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") and liabilities of the Fund ("the Unclaimed Assets Trust Fund established by;") ; Section 46(2)(b) a statement of income and expenditure of the Fund ("the Unclaimed Assets Trust Fund established by;") ; and Section 46(2)(c) such other statements of account as the Authority ("the Unclaimed Assets Authority established by;") may deem necessary. Section 46(3) The accounts of the Fund ("the Unclaimed Assets Trust Fund established by;") shall be audited and reported upon in accordance with the Public Audit Act ( Cap. 412B ) by the Auditor-General, or by an auditor appointed by the Authority ("the Unclaimed Assets Authority established by;") under the authority of the Auditor-General. Section 46(4) The Authority ("the Unclaimed Assets Authority established by;") shall cause the audited accounts of the Fund ("the Unclaimed Assets Trust Fund established by;") to be published in the Gazette and in at least two newspapers with national circulation.
Referenced legislation
- Public Audit Act ( Cap. 412B ) (unresolved)
47
THE UNCLAIMED FINANCIAL ASSETS TRUST FUND - 47. Penalties payable to theFund
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AI-assisted research summary: The Court may order a convicted person to pay sums found due to the Fund, and any sum so ordered is recoverable as a fine and paid into the Fund; sums due to the Fund are recoverable as civil debts due to the Authority and recoverable summarily.

Section 47. Penalties payable to theFund Section 47(1) The Court before whom any person is convicted of an offence under this Act may, without prejudice to any civil remedy, order such person to pay to the Fund ("the Unclaimed Assets Trust Fund established by;") the amount of any other sum, together with any interest or penalty thereon, found to be due from such person to the Fund ("the Unclaimed Assets Trust Fund established by;") , and any sum so ordered shall be recoverable as a fine and paid into the Fund ("the Unclaimed Assets Trust Fund established by;") . Section 47(2) All sums due to the Fund ("the Unclaimed Assets Trust Fund established by;") shall be recoverable as debts due to the Authority ("the Unclaimed Assets Authority established by;") and without prejudice to any other remedy shall be a civil debt recoverable summarily.
48
THE UNCLAIMED FINANCIAL ASSETS TRUST FUND - 48. Investment of funds
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AI-assisted research summary: Investments of the Fund must be in investments permitted by the Trustee Act as determined by the Authority with the approval of the Cabinet Secretary; such investments shall be held for and on behalf of the Fund in the name of the Authority.

Section 48. Investment of funds Section 48(1) All moneys in the Fund ("the Unclaimed Assets Trust Fund established by;") which are not for the time being required to be applied for the purposes of the Fund ("the Unclaimed Assets Trust Fund established by;") shall be invested in such investments, being investments in which any trust fund (or part thereof) is permitted by the Trustee Act ( Cap. 167 ) to be invested, as may be determined by the Authority ("the Unclaimed Assets Authority established by;") with the approval of the Cabinet Secretary ("the Cabinet Secretary for the time being responsible for matters relating to finance;") . Section 48(2) All investments made under this section shall be held for and on behalf of the Fund ("the Unclaimed Assets Trust Fund established by;") in the name of the Authority ("the Unclaimed Assets Authority established by;") .
Referenced legislation
- Trustee Act ( Cap. 167 ) (unresolved)

Part VI

MISCELLANEOUS

49
MISCELLANEOUS - 49.Authorityto appoint agents,etc.
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AI-assisted research summary: The Unclaimed Assets Authority may appoint or license agents and service providers, including custodians, fund managers and reunification agents, to carry out the Act's objects and to assist in reuniting assets with their owners.

Section 49.Authorityto appoint agents,etc. Section The Authority ("the Unclaimed Assets Authority established by;") may appoint or license such agents and service providers as it may deem necessary for the carrying out of the objects of this Act and may in that respect and without prejudice to the foregoing appoint custodians, fund managers and reunification agents to assist in the reunification of the assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") with the owners.
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MISCELLANEOUS - 50.Authoritymay institute proceedings in court
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AI-assisted research summary: The Unclaimed Assets Authority may institute criminal and civil proceedings under the Act, and an officer authorised by the Board may prosecute or conduct those proceedings in court.

Section 50.Authoritymay institute proceedings in court Section All criminal and civil proceedings under this Act may, without prejudice to any other power in that behalf, be instituted by Authority ("the Unclaimed Assets Authority established by;") and, where the proceedings are instituted or brought in a court, an officer of the Authority ("the Unclaimed Assets Authority established by;") authorised by the Board ("the board of the Authority;") in that behalf may prosecute or conduct the proceedings.
51
MISCELLANEOUS - 51. Powers of theAuthorityto enter,etc.
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AI-assisted research summary: The Unclaimed Assets Authority may enter premises at reasonable times to check compliance, and institutions liable to inspection and their employees must provide requested information and documents.

Section 51. Powers of theAuthorityto enter,etc. Section 51(1) The Authority ("the Unclaimed Assets Authority established by;") shall, for the purpose of ascertaining whether this Act is being or has been complied with by any person, have power to enter any premises or place at all reasonable times. Section 51(2) An institution liable to inspection under this Act, and any employee, shall furnish the Authority ("the Unclaimed Assets Authority established by;") all such information and produce for inspection all such documents as the Authority ("the Unclaimed Assets Authority established by;") may reasonably require for the purpose of performing its functions under this Act.
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MISCELLANEOUS - 52. Offences and penalty
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AI-assisted research summary: Section 52 creates several offences including (1) wilfully refusing after written demand by the Authority to pay or deliver specified assets to the Authority and (2) where a body corporate commits an offence, employees, officers, directors or agents who authorise, permit or acquiesce in the offence also commit an offence; conviction carries a fine between fifty thousand and one million shillings or up to one year imprisonment, or both.

Section 52. Offences and penalty Section 52(1)(a) fails to maintain a record required under this Act or the Regulations made thereunder; Section 52(1)(b) is false or misleading with respect to a material particular; or Section 52(1)(b)(i) is false or misleading with respect to a material particular; or Section 52(1)(b)(ii) omits to state a material fact, the omission of which makes the statement false or misleading, Section 52(2) A person is not guilty of an offence under subsection (1)(b) if the person did not know that the statement was false or misleading and, with the exercise of reasonable diligence, could not have known that the statement was false or misleading. Section 52(3) Where a body corporate commits an offence under this section, an employee, officer, director or agent of the corporation who authorises, permits or acquiesces in the commission of the offence commits an offence. Section 52(4) Subsection (3) shall apply whether or not the body corporate is prosecuted for the offence. Section 52(5) A person who wilfully refuses after written demand by the Authority ("the Unclaimed Assets Authority established by;") to pay or deliver assets ("financial assets to which this Act applies and includes any income, dividend or interest thereon;") to the Authority ("the Unclaimed Assets Authority established by;") as required under this Act commits an offence. Section 52(6) A person Convicted of an offence under this section shall be liable to a fine of not less than fifty thousand shillings and not more than one million shillings or to imprisonment for not more than one year, or to both.
53
MISCELLANEOUS - 53. Regulations
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AI-assisted research summary: The Cabinet Secretary may make regulations, on the recommendation of the Board, to carry out the provisions of this Act.

Section 53. Regulations Section The Cabinet Secretary ("the Cabinet Secretary for the time being responsible for matters relating to finance;") may, on the recommendation of the Board ("the board of the Authority;") , make regulations necessary to carry out the provisions of this Act.

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