Assets bill could 'inject new revenue' into communities

An MHK says proposed new legislation regarding dormant Island accounts could inject new revenue streams into communities.

Middle MHK Bill Shimmins will formally introduce the Dormant Assets Bill for it's first reading in the House of Keys on Tuesday.

The bill aims to allow money to be moved from dormant bank accounts that haven't seen activity in at least 15 years to then be distributed to good causes on Island.

He added the rights of owners of accounts affected by the legislation whose money goes into the fund - held by the Treasury - would be protected and would hold the right to reclaim their money indefinitely.