59. (1) Any unclaimed funds or property held by a financial institution for the account or on behalf of any depositor, creditor or other person are presumed to be abandoned property if for 10 years the depositor, creditor or other person has not evidenced an interest in the funds or property by recorded transaction or written correspondence with the financial institution or otherwise.

(2) Funds or property referred to in –

(a) paragraphs 5(2)(c), 21(3) or 22(2) of Schedule 2 (Winding up of local financial institution); or

(b) paragraph 7(3) or 8(2) of Schedule 5 (Closure of foreign financial institution),

are also presumed to be abandoned property.

60. A financial institution shall publish in at least one local newspaper the name of the owner and particulars of abandoned property and shall dispatch by registered post a notice to the owner at his last known address containing particulars of the property.

61. (1) Not less than 30 days after complying with section 60 a financial institution holding abandoned property shall make a report to the Central Bank on the amount and nature of that property in such form as the Central Bank may determine.

(2) Any funds included in a report under this section shall, if the Central Bank so directs, be transferred, notwithstanding any other law, by the institution to a special account with the Central Bank and may be used by the Central Bank for such purposes as it may determine after consultation with the Minister.

(3) Other property not falling under subsection (2) included in a report under this section shall be referred by the Central Bank to the Minister for such action as he may direct.

62. Any owner who, to the satisfaction of the Central Bank, furnishes proof of ownership of abandoned property dealt with in accordance with sections 60 and 61, is, subject to any terms, conditions or restrictions imposed in respect of that abandoned property by or under any written law, entitled to the repayment of the funds by the Central Bank, or to the return of other property or the proceeds from the sale of that other property, as the case may be.