(a)The General Guardian shall manage an asset until a person appears and proves to the General Guardian's satisfaction that that person is entitled to receive it, or until it becomes clear to the General Guardian that the asset has ceased to be an abandoned asset or that the provisions of subsections (b1), (c), (c1), (c2) or (c3) have been fulfilled.
(b)Where the management of an asset under a management order has come to an end, or where it has become apparent that there was no cause to issue a management order in respect of it, the General Guardian shall submit to the court a report and shall deliver to it the accounts relating to that asset, audited as prescribed in Regulations; the liability of the General Guardian in respect of the asset shall terminate on the day on which the court approved the report, and if the asset was delivered in the manner prescribed in Regulations – on the day of delivery as approved by the court in advance or retrospectively, whichever is earlier.
(b1)Where the General Guardian has located the holders of rights in an asset under the General Guardian's management, or where a person has proved to the General Guardian's satisfaction that that person is entitled to receive an asset under the General Guardian's management, and the General Guardian has notified the holders of rights located or the person as aforesaid, as the case may be, of their right to receive the asset, but they have refrained from taking steps to receive it into their possession for three years from the date of such notification, and the court is satisfied, on the basis of a report by the General Guardian, that there is no justification for continuing the management, the court may order the General Guardian to transfer the asset to State ownership and to grant the General Guardian a certificate of discharge, provided that during the said period the General Guardian sent to the holders of rights located or to the person as aforesaid, as the case may be, two notifications at intervals of at least one year between them, concerning their rights in the asset and stating that if they do not act to exercise their rights, the General Guardian will apply to the court for an order to transfer the asset to State ownership.
(c)Where the management of an asset that is an asset of a Holocaust victim or a real property asset under this Law has continued for fifteen years and the court is satisfied, on the basis of a report by the General Guardian, that there is no justification for continuing the management, the court may order the General Guardian to transfer the asset to State ownership and to grant the General Guardian a certificate of discharge.
(c1)(1)Where the management of an asset that is not an asset of a Holocaust victim and is not a real property asset has continued under this Law for ten years, the General Guardian shall transfer the asset to State ownership, provided that before transferring the asset as aforesaid the General Guardian carries out the acts listed in sub-paragraphs (a) to (d) below; the General Guardian shall commence carrying out the said acts at least one year before the date for transferring the asset to State ownership under this paragraph, and shall carry them out over a period of at least one year:
(a)publish a public notice on the website of the General Guardian of the intention to transfer the asset to State ownership; the public notice shall invite the holders of rights in the asset to submit applications in connection therewith, within a period to be prescribed; the notice shall include the type of asset and the name of the last holder of rights in the asset; the Minister of Justice may prescribe additional particulars to be included in the notice and also the methods of its publication;
(b)initiate a process of investigation and examination and also act with reasonable diligence to locate the holders of rights in the asset, with the aim of returning the asset to the holders of rights therein; within the framework of the investigation and examination, the General Guardian shall apply to bodies in the State that may have information that could assist in locating the holders of rights in the asset, including the Population Registry at the Ministry of the Interior, the Registrar for inheritance matters, the tax authorities, and the National Insurance Institute;
(c)carry out additional acts prescribed by the Minister of Justice;
(d)submit to the court a report on the General Guardian's activities under this paragraph;
(2)Where the court is satisfied that it was not possible to locate the holders of rights in the asset, notwithstanding that the General Guardian acted with reasonable diligence in fulfilling the General Guardian's obligations, the court shall approve the report submitted by the General Guardian as referred to in paragraph (1)(d); the court may direct the General Guardian as to any direction it thinks fit concerning the asset, including as to the carrying out of additional acts to locate the holders of rights in the asset, before approving the report submitted by the General Guardian as aforesaid;
(3)(Repealed).
(c2)(1)Notwithstanding the provisions of subsection (c1), where the value of an asset as referred to in that subsection did not exceed the sum specified in section 7, and the General Guardian is satisfied that there is no justification for continuing to manage the asset, the General Guardian shall transfer the asset to State ownership, provided that before transferring the asset as aforesaid the General Guardian carries out the acts listed in sub-paragraphs (a) and (b) below; the General Guardian shall commence carrying out the said acts at least nine months before the date for transferring the asset to State ownership under subsection (c1)(1), and shall carry them out over a period of at least nine months:
(a)publish a public notice on the website of the General Guardian of the intention to transfer the asset to State ownership; such a notice shall specify the type of asset and the name of the last holder of rights in the asset;
(b)apply to the bodies listed at the end of subsection (c1)(1)(b), for the purpose of locating the holders of rights in the asset;
(2)(Repealed);
(3)(Repealed).
(c3)Where the management of a real property asset that is not an asset of a Holocaust victim under this Law and that is not an asset to which section 5 of the Arrangements of Law and Administration Law applies has continued for 15 years, the General Guardian shall transfer the asset to State ownership, provided that before transferring the said asset the General Guardian carries out the acts listed in sub-paragraphs (a) to (d) of subsection (c1)(1), and also, for the purpose of locating holders of rights in the asset, applies to the Israel Land Authority and to the Real Property Registration and Settlement Division at the Ministry of Justice; the General Guardian shall commence carrying out the said acts at least one and a half years before the date for transferring the asset to State ownership under this subsection and shall carry them out over a period of at least one and a half years; the provisions of subsection (c1)(2) shall apply to the transfer of an asset to State ownership under this subsection.
(c4)The General Guardian shall publish, once every half year, a public notice in three daily newspapers with nationwide circulation, concerning the General Guardian's intention to transfer assets to State ownership under this section, and may also publish a public notice as aforesaid by other means, as required and at the General Guardian's discretion; such a notice shall state that it is possible to inspect the list of assets designated for transfer to State ownership and the list of the names of the holders of rights in the assets on the website of the General Guardian.
(d)(1)Where an asset has been transferred to State ownership under subsections (b1) to (c3), the holder of rights in the asset is entitled to receive from the State –
(a)if the asset is in the possession of the State – one of the following, at that person's choice:
(1)the asset, and if the State has improved it – the asset less the expenses incurred in connection with the improvement;
(2)the value of the asset as it was on the day of its transfer to State ownership, together with shekel interest;
(b)if the asset was a real property asset and is not in the possession of the State – one of the following, at that person's choice:
(1)the value of the asset as it was on the day of its transfer to State ownership, together with shekel interest;
(2)the consideration received from the transfer of the rights in the asset, less expenses incurred by the State in connection with its sale to a third party, and if the State improved the asset before selling it – less the expenses incurred in connection with the improvement of the asset, all together with shekel interest;
(3)if the asset was not a real property asset and is not in the possession of the State – the value of the asset as it was on the day of its transfer to State ownership, together with shekel interest;
(2)the person entitled shall receive the asset, its value or its consideration under paragraph (1), after deducting the management expenses as defined in section 12, paid to the General Guardian at the time of the transfer of the asset to State ownership;
(3)the provisions of the Interest and Linkage Law shall apply, with the necessary modifications, to the shekel interest supplement referred to in this subsection.
(d1)The Minister of Justice shall report to the Economics Committee of the Knesset, once a year, on the implementation of the provisions of this section by the General Guardian.
(e)In this section –
"Arrangements of Law and Administration Law" – Arrangements of Law and Administration Law [Consolidated Version], 5730-1970;
"Interest and Linkage Law" – Interest and Linkage Law, 5721-1961;
"asset of a Holocaust victim" – as defined in the Assets of Holocaust Victims Law (Restitution to Heirs and Dedication to Purposes of Assistance and Commemoration), 5766-2006;
"shekel interest" – as defined in the Interest and Linkage Law.