Dormant charity accounts 47 Dormant accounts of charities (1) Subsection (3) applies where— (a) a relevant financial institution (whether or not in response to a request from OSCR) informs OSCR that every account held by the institution in the name of or on behalf of a body appearing to the institution to be a relevant body is dormant, (b) OSCR is satisfied that the body is a relevant body, and (c) OSCR is unable, after making reasonable inquiries, to locate any person concerned in the management or control of the body. (2) A relevant body is one which is, has at any time been or, in the case of a body which has ceased to exist, was prior to such cessation— (a) a charity, or (b) entitled by virtue of section 1(7) of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 (c. 40) to describe itself as a “Scottish charity”. (3) OSCR must transfer the amount standing to the credit of the relevant body in the dormant accounts (less any amount which it is authorised by regulations under section 48(1) to retain) to— (a) such charity as OSCR may determine, having regard to the purposes of the relevant body and the purposes of the charity, or Page 35 of 67 (b) where OSCR is unable to ascertain the purposes of the relevant body, to such charity as OSCR considers appropriate. (4) For the purposes of subsection (3), OSCR may effect any transaction in relation to the dormant accounts (including a transaction closing any such account). (5) Where under subsection (3) OSCR transfers an amount to 2 or more charities, it may divide the amount among those charities as it thinks fit. (6) A charity to which an amount is transferred under this section may apply the amount for its purposes as it thinks fit. (7) The receipt...