Paragraph 12 Amendment of Regulation 22

The following paragraph shall be inserted after paragraph (2) of regulation 22—

“(2A)

In respect of an application made by the trustee under paragraph (1) or (2) above, the Secretary of State, if requested to do so by the trustee, may, at his discretion,

(a)

make the payment which is the subject of the application to the trustee by electronic transfer; or

(b)

as an alternative to the issue of payment instruments, make payment by electronic transfer to the persons to whom the trustee would otherwise deliver payment instruments.”