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Regulation 11 Requirement for money to be kept by trustees: exceptionI1

Northern Ireland Not yet in force

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

(1)

For the purposes of Article 49(1) (trustees of any trust scheme must, except in any prescribed circumstances, keep money received in a separate account at an institution authorised under the Banking Act 1987) the prescribed circumstances are—

(a)

where the trustees have entered into an arrangement or contract with a person to the effect that the money is to be paid into a separate account held by that person and—

(i)

it is a condition of that arrangement or contract that a record by that person shall be kept of the information referred to in paragraph (2) and such records shall be retained for a period of at least 6 years; and

(ii)

any interest earned on the account shall be credited to the scheme in respect of which the money is deposited;

(b)

where the trustees have a separate account kept by them at any of the institutions specified in paragraphs (1) to (6) of Schedule 2 to the Banking Act 1987f1 and money received by them is to be held in that account.

(2)

The information referred to in paragraph (1)(a)(i) is the—

(a)

amount of money paid into the account, the date of payment and from whom that payment was received;

(b)

amount of money paid out of the account, the date of withdrawal and to whom that payment was made; and

(c)

interest earned on the account of each scheme in respect of which money is deposited.

Annotations

Commencement

I1

Reg. 11 in operation at 6.4.1997, see reg. 1(1)

Footnotes

f1

1987 c. 22