{
  "url": "https://openlegislation.uk/banking-act-1987-exempt-transactions-regulations-1997/schedule-1/paragraph-13",
  "json_url": "https://openlegislation.uk/banking-act-1987-exempt-transactions-regulations-1997/schedule-1/paragraph-13.json",
  "legislation": "uksi/1997/817",
  "legislation_title": "The Banking Act 1987 (Exempt Transactions) Regulations 1997",
  "legislation_url": "https://openlegislation.uk/banking-act-1987-exempt-transactions-regulations-1997",
  "path": "schedule/1/paragraph/13",
  "kind": "paragraph",
  "number": "13",
  "heading": "NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:",
  "text": "(1) All monies in the Fund shall be held by the Bank and unless and until otherwise invested the Bank shall pay to the Fund interest thereon at the published rate for 7 day deposits.\n(2) The Fund may be invested in any one or more of the following:—\n(i) monies held by or deposited with the Bank at interest as aforesaid;\n(ii) Treasury bills payable not more than 91 days from the date of issue;\n(iii) Deposits with or withdrawable share capital of a building society authorised under the Building Societies Act 1986;\n(iv) Deposits with the National Savings Bank and National Girobank;\n(v) Deposits with an authorised institution within the meaning of the Banking Act 1987 or with a European Deposit-Taker within the meaning of regulation 82(3) of the Banking Co-ordination (Second Council Directive) Regulations 1992.\n(vi) The shares of any company registered under the Companies Acts 1985 to 1989 being a company with limited liability operating or intended to operate as an “investment company” within the meaning of section 130 of the Income and Corporation Taxes Act 1988 or any statutory modification or re-enactment thereof for the time being in force and having powers of investment no wider than those set out in paragraphs (i) to (v) above, for the purpose of holding managing investing and applying monies in the Fund, all the shares of which company shall be held by the Bank as nominee for the Scheme.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "revoked",
      "affecting": "uksi/2000/635",
      "affecting_title": "The Banking Act 1987 (Exempt Transactions) (Amendment) Regulations 2000"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1997/817/schedule/1/paragraph/13",
    "retrieved_at": "2026-10-29T12:20:50.611143+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}