F1Part 3Accounts and funds

Annotations:
Amendments (Textual)

Withdrawal certificates

26AWithdrawal certificates

1

A withdrawal certificate may—

a

authorise the transfer of funds—

i

from the adult's current account to the designated account;

ii

from the adult's current account to the adult's second account;

iii

from the designated account to the adult's second account;

b

authorise the continuance or making of arrangements for the regular or occasional payment of funds from the adult's current account for specified purposes (for example: by standing order or direct debit);

c

authorise the withdrawal of funds from the designated account for specified purposes;

d

place limits on the amount of funds that may be so transferred, paid or withdrawn.

2

But such a certificate does not authorise a transfer of funds or payment that would cause—

a

the adult's current account;

b

the adult's second account; or

c

the designated account,

to become overdrawn.

3

If any of the accounts mentioned in paragraphs (a) to (c) of subsection (2) is overdrawn, the fundholder of that account has a right of relief against the withdrawer.

4

In subsection (1)(b), “specified” means specified in the certificate of appointment.