Article 12 Bank accounts

Subject to article 19(2) below, any bank account standing in the name of a demitting authority immediately before the transfer date shall be transferred on that date into the name of that authority’s accounting authority, and any balance on such an account at the time of transfer shall accordingly be a debt due to or by that accounting authority.

Any payment initiated, whether by cheque or otherwise, by or to a demitting authority may be debited or credited to an account transferred into the name of that authority’s accounting authority under paragraph (1) above.