Paragraph 4 I1

England and Wales

(1)

Where rules made under section 32 of the 1974 Act and containing any such provision as is referred to in F1section 33(1) of that Act are applied to recognised bodies in accordance with section 9(2)(f) of this Act, then, except as provided by the rules F2, a recognised body is not liable to account to any client, other person or trust for interest received by the recognised body on money held at a bank or building society in an account which is for money received or held for, or on account of—

(a)

clients of the recognised body, other persons or trusts, generally, or

(b)

that client, person or trust separately.

(2)

F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Words in Sch. 2 para. 4(1) substituted (31.3.2009) by Legal Services Act 2007 (c. 29), ss. 177, 211, Sch. 16 para. 89(a)(i) (with ss. 29, 192, 193); S.I. 2009/503, art. 2(b)(ii)
F2: Words in Sch. 2 para. 4(1) substituted (31.3.2009) by Legal Services Act 2007 (c. 29), ss. 177, 211, Sch. 16 para. 89(a)(ii) (with ss. 29, 192, 193); S.I. 2009/503, art. 2(b)(ii)
F3: Sch. 2 para. 4(2) repealed (31.3.2009) by Legal Services Act 2007 (c. 29), ss. 177, 210, 211, Sch. 16 para. 89(b), Sch. 23 (with ss. 29, 192, 193); S.I. 2009/503, art. 2(b)(ii)(f)(v)(bb)

Commencement

I1: Sch. 2 para. 4 wholly in force at 1.1.1992 see s. 69(2) and S.I. 1991/2683, art. 2

Notes on Schedule 2

Textual amendments

F1: Words in Sch. 2 heading substituted (31.3.2009) by Legal Services Act 2007 (c. 29), ss. 177, 211, Sch. 16 para. 85 (with ss. 29, 192, 193); S.I. 2009/503, art. 2(b)(ii)

Modifications

C1: Sch. 2 applied (with modifications) by SI 2000/1119 Sch. 4 para. 24(2) (as substituted (1.11.2015) by The Legal Services Act 2007 (The Law Society) (Modification of Functions) Order 2015 (S.I. 2015/401), art. 1(3), Sch. 2 para. 3(c)(ii))

Commencement

I1: Sch. 2 wholly in force at 1.1.1992 see s. 69(2) and S.I. 1991/2683, art. 2