(1) The contents of a safe deposit box at a licensed financial institution shall be presumed to be abandoned where —
(a) the lease or rental has expired; and
(b) 5 years has elapsed from the expiration of the lease or rental.
(2) Every licensed financial institution holding any contents of a safe deposit box presumed abandoned shall —
(a) within 90 days after the end of its financial year report the holdings to the Minister; and
(b) deliver to the Minister the contents of the safe deposit boxes reported under paragraph (a).
(3) Upon delivering the property into the custody of the Minister a licensed financial institution shall be relieved of all liability to the extent of the value of the property for any claim.