Sports organisations could benefit under a new law designed to allow ’dormant’ money in bank accounts to be given to good causes.

The Dormant Assets Bill has now completed its passage through the House of Keys.

Its aim is allow ’dormant assets’ to be transferred into a fund that could be given to good causes.

Treasury department member Bill Shimmins (Middle) told MHKs it was planned to lodge an amendment, to incorporate sport into the permitted list of worthy causes, when the bill moved up to Legislative Council for further consideration.

’I gave a commitment that we would amend the legislation to ensure that sports were included in the list of good causes going forward,’ he said.

The aim would be to ensure consistency with charities legislation.

Concerns that ’nest eggs’ could end up being taken from accounts that had been inactive for years were addressed at the clauses stage by spelling out the bank’s need to try to contact the account-holder before any transfer.

For funds to be classed as dormant, they must have been in an account for 15 years, during which time there have been no transfers in or withdrawals from the account.