ADMINISTRATION OF ESTATES ACT - 1961 (ACT 63)

Section - 48 - Assets unclaimed for five years to be transferred to Consolidated Fund

(1) All assets deposited by the Administrator-General with the Accountant-General in accordance with section 42, or paid into court in accordance with section 47, of this Act, which have remained with the Accountant-General or court for a period of five years or upwards, without any application for payment thereof having been made and granted by the court, shall be transferred, in the prescribed manner, to the account and credit of the Consolidated Fund.

(2) The assets shall not be so transferred if any suit or proceeding is pending in respect thereof in any court.

(3) If before the end of the period of five years it is claimed and proved on behalf of the Republic to the satisfaction of the court that any assets deposited with the Accountant-General are bona vacantia, then those assets shall at once become the absolute property of the Republic, but shall be subject to the power of disposal conferred on the Minister by section 49 of this Act.