(1) Every licensed financial institution or licensed financial holding company holding any of the items enumerated in section 167(1)(a), (b) and (c) shall within 90 days after the end of its financial year report such holdings to the Central Bank, and pay to the Central Bank all property presumed to be abandoned listed in the report in accordance with Regulations made by the Minister upon the recommendation of the Central Bank.
(2) Upon paying the items enumerated in section 167(1)(a), (b) and (c) into the custody of the Central Bank a licensed financial institution or licensed financial holding company shall be relieved of all liability to the extent of the value of the property for any claim.
(3) Except with the approval of the Central Bank, on the terms and conditions as it may determine, no reduction in the amount of interest or dividends payable and no charges in excess of those made in respect of comparable active accounts shall be made by a licensed financial institution or licensed financial holding company either during the period of inactivity of the items set out in section 167(1) or at the time payment and delivery of them under subsection (1) is required.
(4) Within thirty days after the end of its financial year but before the filing of the report to the Central Bank required by subsection (1) and the report to the Minister under section 170(2), a licensed financial institution or licensed financial holding company shall publish in the Gazette, a newspaper of general circulation and on its website the name of the owner and particulars concerning the property and shall mail a notice to the owner at his or her last known address containing particulars concerning the property.