Regulation 11 Interest

Where the nominee is entitled, by virtue of section 12(7), to effect any transaction in relation to any account to which section 12(3) applies, he may apply, subject to paragraph (2) below, the whole amount of any interest accruing to that account during any period for which he is so entitled for the purpose of defraying his expenses in connection with the exercise of his functions under section 12.

The interest, which may be applied by the nominee in pursuance of paragraph (1) above, shall not exceed the amount of the nominee’s expenses in connection with the exercise of his functions under section 12 in relation to the body in whose name or on whose behalf the account is held and, where the amount of such interest exceeds those expenses, any excess shall be added to the credit of that body in that account.