(1) A licensee holding property presumed to be abandoned under section 45 shall within 90 days after the end of its financial year report such holdings to the Minister and thereafter pay or deliver to the Accountant General all property presumed to be abandoned listed in the report in accordance with the regulations.
(2) Upon paying or delivering property presumed to be abandoned into the custody of the Accountant General a licensee shall be relieved of all liability to the extent of the value of the property for any claim in respect thereof.
(3) Except with the approval of the Minister, on such terms and conditions as the Minster may prescribe, 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 licensee either during the period of inactivity of the property set out in section 45 or at the time payment and delivery of them under subsection (1) is required.
(4) Within 30 days after the end of its financial year but before the filing of the report to the Director required by subsection (1), a licensee shall publish in the Gazette, the name of the owner and particulars concerning the property presumed to be abandoned and shall mail notice to the owner at the owner's last known address containing particulars concerning the property.