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APPENDIX X

HANDLING ABANDONED PROPERTY AND CONTENTS OF SAFE DEPOSIT BOXES

C OMMERCIAL B ANKS ’ P ROCEDURES FOR H ANDLING A BANDONED P ROPERTY IN

S AFE D EPOSIT B OXES

Article 58 of the Banking Act stipulates that commercial banks are required to deliver to the

ECCB the contents of safe deposit boxes which are presumed to be abandoned.

(A)

Delivery of the Contents of Safe Deposit Boxes to the ECCB

1. A commercial bank must indicate in writing to the ECCB Headquarters the list of items

from safe deposit boxes which it presumes to be abandoned within three months of the

end of its financial year. The letter must confirm the bank’s efforts to contact the

customer up to that point.

2. The commercial bank must ensure that the following are done prior to the delivery of the

items to the ECCB:

a. Prepare the ‘ ABANDONED PROPERTY NOTICE OF DELIVERY’ form for

each customer. The form must be prepared in triplicate.

b. Place the items for each customer in a single box or envelope and label each box

or envelope with the following:

i.

The name of the commercial bank

ii.

The name of the customer

iii.

The customer’s last known address

c. Enclose in a duly labeled envelope the proceeds (cash) from the sale of any items.

3. At a date and time agreed with the ECCB, the commercial bank must deliver the above

listed items to the ECCB.

4.

The ECCB representative will take a photo of the items delivered.

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