The Banking Act 1987 (Exempt Transactions) Regulations 1997

NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:

4.—(1) The Fund shall consist of:

(a) joining and supplementary contributions as hereafter mentioned;

(b) monies borrowed for the purposes of the Fund;

(c) interest and dividends from investments;

(d) dividends recovered in any liquidation;

(e) the investments, property and other assets representing from time to time the above or any of them.

(2) There shall be chargeable to the Fund:

(a) payments to meet the banking administrative and management expenses of the Union and/or the Bank in accordance with sub clause 3(6) above and clause 14 hereof;

(b) refunds to Participating Societies as hereinafter provided;

(c) moneys required for the repayment of borrowings and any interest thereon;

(d) payments to depositors in respect of protected deposits as hereinafter provided.