Clause 17 - Transfers: general

Dormant Assets Bill [Lords] – in a Public Bill Committee am 9:45 am ar 11 Ionawr 2022.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Question proposed, That the clause stand part of the Bill.

Photo of Nigel Huddleston Nigel Huddleston The Parliamentary Under-Secretary of State for Digital, Culture, Media and Sport

The proceedings so far may have seemed very dry, but I can assure hon. Members that actually what we have done is to enable potentially hundreds of millions, if not billions, of pounds to be expended from the scheme to go to good causes. The clauses may sound dry, but actually that was a fundamentally important aspect of the Bill.

Clause 17 makes cross-cutting provisions on transfers into the scheme. This clause provides that a transfer into the scheme is not in itself a breach of trust or fiduciary duties. The clause also confirms that the right to reclaim accommodates situations in which that right has been passed on after the previous owner has died. Finally, if an institution has been succeeded by another—for example, through a takeover—following a transfer into the scheme, the transfer provisions in clauses 2, 5, 8, 12 and 14 will apply to the successor.

Question put and agreed to.

Clause 17 accordingly ordered to stand part of the Bill.