Regulation 6 Bank accounts

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

reg. 6(3) substituted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 609(2)
reg. 6(3A)(3B) inserted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 609(3)
reg. 6(4) words substituted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 609(4)

(1)

Subject to paragraph (4), a justices' chief executive shall maintain one or more accounts at a bank in respect of sums received or paid by him.

(2)

A justices' chief executive shall select an account (or accounts) which provides the most suitable service and the best value for money.

(3)

In paragraph (1) “bank” means—

(a)

an institution authorised under the Banking Act 1987^f1;

(b)

a building society authorised under the Building Societies Act 1986^f2 which is able to provide corporate banking facilities; or

(c)

a credit institution authorised in a member State other than the United Kingdom to provide banking services and providing such services in the United Kingdom pursuant to the Banking Co-ordination (Second Council Directive) Regulations 1992^f3,

which is a member of the inter-bank payment clearing systems operating in the United Kingdom.

(4)

Before opening an account with an institution mentioned in subsection (3)(c) above, a justices' chief executive shall consult the Lord Chancellor.

Annotations

Footnotes

f1: 1987 c. 22.
f2: 1986 c. 53.
f3: S.I. 1992/3218.