First reading for dormant accounts bill

Proposed new legislation aimed at allowing money in dormant accounts to be put towards good Island causes goes before the House of Keys next week.

The Dormant Assets Bill will go before members for its first reading on Tuesday.

It would enable banks to move money from accounts which have had no activity for at least 15 years and would go into a central fund held by the Treasury.

The legislation, which will be formally introduced by Middle MHK Bill Shimmins, will be part of the sitting in Douglas starting at 10am.