Losing Contact with Renters of Safety-Deposit Boxes

Supervisor of Banks: Proper Conduct of Banking Business (12/95) Losing Contact with Renters of Safety-Deposit Boxes Page 413- 1 ONLY THE HEBREW VERSION IS BINDING LOSING CONTACT WITH RENTERS OF SAFETY-DEPOSIT BOXES Introduction

1. After consultation with the Administrator-General, the following procedure for dealing with the handling of a safety-deposit box for which the contact with the renter was lost, is hereby established. Opening a safety-deposit box by the bank
2. When the contact between the bank and the renter of a safety-deposit box, or his representative, was lost, and in the view of the bank it is entitled to take back control of the safety-deposit box, the safety-deposit box shall be opened by the bank in the presence of a third party such as an external accountant or lawyer. Procedures
3. The bank shall establish procedures for dealing with opening the safety-deposit box and its contents, it should include inter alia: (a) Who decides on the opening of the safety-deposit box; (b) Who shall be present when the safety-deposit box is opened; (c) Recording the details of the contents in minutes to be signed by those present; (d) Ways of dealing with the contents; (e) Defining the circumstances in which there is reason to believe that the contents of the safety-deposit box are “abandoned property” for the purposes of informing the Administrator-General, under section 5 of the Administrator-General Law, 5738–

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