Section 74 - Management by Registrar of unclaimed dividends account

(1) The Registrar shall keep unclaimed dividends lodged in the account under subsection (4) of section 73 for, seven years.

(2) The Registrar shall on the expiration of the seven year period referred to in subsection (1)

(a) transfer to the Consolidated Fund fifty percent of the total amount of money lodged in the interest bearing account under subsection (4) of section 73, and

(b) donate or apply fifty percent of the total amount of money lodged in the interest bearing account under subsection (4) of section 73,

for the purpose of investor education, research, entrepreneurial development and advancement in company law.

(3) Where a company on the commencement of this Act has in the possession of the company unclaimed dividends, the company shall immediately transfer the total amount of the dividends to the Registrar to be applied in accordance with subsections (1) and (2).