UNCLAIMED MONEY ACT 1995 - SECT 4
Operation on account
UNCLAIMED MONEY ACT 1995 - SECT 4
Operation on account
4 Operation on account
(1) For the purposes of this Act, an account is taken to be operated on during
any period that money is held in the account pursuant to an agreement (other
than an implied agreement) to hold the money for a fixed term.
(2) However,
the debiting of a fee, duty, tax or charge, or the crediting of interest or a
dividend, to an account does not constitute an operation on the account.
