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Article 11 Exceptions

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

A relevant institution is not guilty of an offence under article 9 or 10 if the institution credits a frozen account with:

(a)

interest or other earnings due on the account; or

(b)

payments due under contracts, agreements or obligations that were concluded or arose prior to the date on which an account-holder became a designated person.

(2)

Article 9 applies to any funds credited to a frozen account in accordance with this article.

(3)

In this article “frozen account” means an account held or controlled by a designated person.