Unclaimed Financial Assets Act

Section 1. Short title Section This Act may be cited as the Unclaimed Financial Assets Act.

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 respon...

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;") ;

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 enforce...

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.

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 owne...

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...

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...

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.

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.

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 thi...

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.

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 A...

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 ca...

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.

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.

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.

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 .

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...

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...

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.

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.

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 ("...

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.

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.

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...

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.

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 c...

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.

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 Unclaime...

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...

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.

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 foll...

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.

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.

Section 36. Unclaimedassetsdatabase Section maintain an electronic or other database of all unclaimed assets submitted to it under this Act;

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.

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 Ac...

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;") ;

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...

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.

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...

Section 41. Objects and functions of theBoard Section enforce, and generally administer, the provisions of this Act;

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, s...

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;") .

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;") an...

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 le...

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-Genera...

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.

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;") .