9 “Eligible amount owing by virtue of a collective scheme investment”
Dormant Assets Act 2022 (2022 c 5) | Legislation

9  “Eligible amount owing by virtue of a collective scheme investment”

(1)     This section gives the meaning in this Act of “eligible amount owing by virtue of a collective scheme investment”.

(2)     In this Act “collective scheme investment” means—

(a)     a share in an authorised open-ended investment company (“OEIC”),

(b)     a unit in an authorised unit trust scheme, or

(c)     a unit in an authorised contractual scheme.

(3)     An eligible amount owing by virtue of a collective scheme investment is (subject to subsection (4)) the amount owing to a person by virtue of—

(a)     a collective scheme investment being converted into a right to payment of an amount by an investment institution,

(b)     a redemption of a collective scheme investment by the share or unit holder,

(c)     a distribution of income attributable to a collective scheme investment, or

(d)     an investment institution holding orphan monies attributable to the winding-up of, or the termination of a sub-fund of, the collective scheme containing a collective scheme investment,

after the appropriate adjustments have been made for such things as interest due and fees and charges payable.

(4)     An amount held in a Lifetime

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