Paragraph 11 Payments received by special measures manager to be held on trustI1
England and Wales Not yet in force
This paragraph applies where a special measures order relating to a category 1 building requires one or more relevant accountable persons to make payments to a special measures manager.
The special measures manager must hold the payments (together with any income accruing on them) either—
as a single trust fund, or
in two or more separate trust funds.
The manager must hold any trust fund—
on trust to meet costs that the manager incurs in connection with the exercise of the manager’s functions in relation to the building, and
subject to that, on trust for the relevant accountable person or persons for the time being.
The relevant accountable person or persons for the time being are to be treated as entitled by virtue of sub-paragraph (3)(b)—
if there is one relevant accountable person, to the residue of the fund or funds;
otherwise, to the shares in that residue that the relevant accountable persons agree in writing or (in default of agreement) that a residential property tribunal directs.
An application to a residential property tribunal for a direction under sub-paragraph (4)(b) may be made by—
the building safety authority or fire safety authority on whose application the special measure order was made,
a relevant accountable person for the building, or
the special measures manager.
In this paragraph “relevant accountable person” means an accountable person to whose building safety functions the special measures order applies.
Annotations
Commencement
- I1
Sch. 2 para. 11 not in force at Royal Assent, see s. 138(2)