When any moneys payable to a beneficiary under a trust have been in the hands of any Official Trustee for a period of, twelve years or upwards whether before or after the commencement of this Act in consequence of the Official "Trustee having been unable to trace the person entitled to receive the same, such money shall be transferred in the prescribed manner to the account and credit of the Government ¹***:
     Provided that no such moneys shall be so transferred if any suit or proceeding is pending in respect thereof in any Court.