Paragraph 1 Payment of deposit

At any time after receipt of the tenant's notice the landlord may, by notice in writing given to the tenant, require a sum equal to three times the annual rent for the property payable under his tenancy (or, in the case of a notice given under section 34 of the Act, the former long tenancy) or £25, whichever is the greater, to be deposited with the landlord, or a person nominated by him in the notice as his agent or as stakeholder, on account of the price payable for the property and any other sums payable by a tenant in accordance with the provisions of the Act; and the tenant shall, within 14 days of the giving of the notice, pay the sum demanded to the landlord or person nominated by him.