2.—(1) A refund to a company under the Act is to be made by transferring the funds for the refund to a bank account mentioned in paragraph (2) through any of the following means:| (a) | telegraphic transfer; | | (b) | the electronic direct debit mechanism known as GIRO; | | (c) | the electronic fund transfer service known as PayNow. |
| (2) For the purpose of paragraph (1), the bank account must be in the name of the company or a person authorised by the company to receive the funds on behalf of the company. |
(3) A refund under paragraph (1) may be made through any means not mentioned in that paragraph if —| (a) | the company —| (i) | has made reasonable attempts to open a bank account for the purposes of receiving the refund through a means mentioned in paragraph (1), but has been unable to open any such bank account; and | | (ii) | has made reasonable attempts to find a person to authorise to receive, on behalf of the company, the refund into a bank account in the name of that person through a means mentioned in paragraph (1), but has been unable to find any such person; or |
| | (b) | due to any system failure, the funds for the refund cannot be transferred to a bank account mentioned in paragraph (2) through a means mentioned in paragraph (1). |
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