Section 844 CAMA 2020

Section 844 Companies and Allied Matters Act is about Dormant Bank accounts: Supplementary. It is under Chapter 6 (Accounts and annual returns) of the Act.

(1) No obligation as to secrecy or other restriction on disclosure,however imposed, shall preclude a relevant bank from disclosing any information on the status of dormant bank accounts to the Commission for the purpose of enabling the Commission to discharge its functions under sections842 and 843 of this Act.

(2) For the purposes of this section and sections 842 and 843 of this Act,an account is dormant if no transaction, other than—

(a) a transaction consisting of a payment into the account, or

(b) a transaction which the bank holding the account has itself caused to be effected, has been effected in relation to the account within the period of five years immediately preceding the date when the Commission is informed as mentioned in section 842 (1) of this Act.

(3) For the purposes of sections 842 and 843 of this Act, the term“bank” and in this section, a “relevant bank” means—

(a) any Central Bank of Nigeria designated money deposit institution ; or

(b) such other person or organisation who may lawfully accept deposits as may be prescribed by the Minister.

(4) For the purposes of sections 842 and 843 of this Act, references tothe transfer of any amount to an association are deemed to be references to any of its transfers made to—

(a) the trustees of the association, or

(b) any trustee of the association, as the trustees of the association may determine, and any reference to any amount received by an association is to be read accordingly.