Regulation 5

The occasions on which, and the persons to whom, money held in a client account may be paid out are as follows—

(a)

in the case of money paid into the account by virtue of subparagraph (a) of Regulation 4(1) above, where it is no longer required for the purpose referred to in that subparagraph and is paid to the person entitled to it;

(b)

in the case of money paid into the account in contravention of Regulation 4 above, where it is paid to the person entitled to it;

(c)

in the case of clients' money—

(i)

where it is paid to the person who is entitled to call for it to be paid over to him or to be paid on his direction or to have it otherwise credited to him;

(ii)

in payment of any remuneration for, or in reimbursement of money expended in, carrying out estate agency work to which the person in question is entitled, with the agreement of the person for whom the money is held;

(iii)

in the exercise of any lien on the money, which is entitled to be exercised;

(iv)

where it is transferred to another client account maintained by the person who received the money or by his employer.