Article 73 Account holders

(1)

The account holder in respect of the compliance account for a group of undertakings is, as the applicant or participant chooses—

(a)

the highest parent undertaking of the group; or

(b)

a member of the group,

with its principal place of activity in the United Kingdom.

(2)

Where no undertaking exists as provided under paragraph (1), the highest parent undertaking of the group must appoint a representative with a principal place of activity in the United Kingdom as the account holder.

(3)

Where a participant is a group of undertakings and it intends to change the account holder—

(a)

the participant must notify the administrator of the intended new account holder;

(b)

that account holder must be an undertaking which complies with paragraph (1) or, as appropriate, paragraph (2); and

(c)

the administrator must approve the change.

(4)

Where a group of public bodies includes the following—

(a)

a government department;

(b)

the Scottish Ministers;

(c)

the Welsh Assembly Government;

(d)

a Northern Ireland Department;

(e)

a local authority;

(f)

a university,

subject to paragraph (5), the account holder in respect of the compliance account is that body.

(5)

Where—

(a)

a body listed in paragraph (4) is part of more than one group; or

(b)

a public body other than one listed in paragraph (4) is a participant,

the account holder in respect of the compliance account is such body as the administrator agrees.