Financial Services Act 1986 (Repealed)

45 Miscellaneous exemptions. U.K.

(1) Each of the following persons is an exempted person to the extent specified in relation to that person—

(a) the President of the Family Division of the High Court when acting in the exercise of his functions under section 9 of the M1 Administration of Estates Act 1925;

(b) the Probate Judge of the High Court of Northern Ireland when acting in the exercise of his functions under section 3 of the M2 Administration of Estates Act (Northern Ireland) 1955;

(c) the Accountant General of the Supreme Court when acting in the exercise of his functions under Part VI of the M3 Administration of Justice Act 1982;

(d) the Accountant of Court when acting in the exercise of his functions in connection with the consignation or deposit of sums of money;

(e) the Public Trustee when acting in the exercise of his functions under the M4 Public Trustee Act 1906;

(f) the Master of the Court of Protection when acting in the exercise of his functions under Part VII of the M5 Mental Health Act 1983;

(g) the Official Solicitor to the Supreme Court when acting as judicial trustee under the M6 Judicial Trustees Act 1896;

(h) a registrar of a county court when managing funds paid into court;

(i) a sheriff clerk when acting in the exercise of his functions in connection with the consignation or deposit of sums of money;

(j) a person acting in his capacity as manager of a fund established under section 22 [F1 or 22A] of the M7 Charities Act 1960, section 25 of the M8 Charities Act (Northern Ireland) 1964, section 11 of the M9 Trustee Investments Act 1961 or section 42 of the M10 Administration of Justice Act 1982;

(k) the Central Board of Finance of the Church of England or a Diocesan Authority within the meaning of the M11 Church Funds Investment Measure 1958 when acting in the exercise of its functions under that Measure;

(l) a person acting in his capacity as an official receiver within the meaning of section 399 of the M12 Insolvency Act 1986 or in that capacity within the meaning of any corresponding provision in force in Northern Ireland.

(2) Where a bankruptcy order is made in respect of an authorised person or of a person whose authorisation is suspended under section 28 above or who is the subject of a direction under section 33(1)(b) above or a winding-up order is made in respect of a partnership which is such a person, the trustee in bankruptcy or liquidator acting in his capacity as such is an exempted person but—

(a) sections 48 to 71 below and, so far as relevant to any of those provisions, Chapter IX of this Part of this Act; and

(b) sections 104, 105 and 106 below,

shall apply to him to the same extent as they applied to the bankrupt or partnership and, if the bankrupt or partnership was subject to the rules of a recognised self-regulating organisation or recognised professional body, he shall himself also be subject to those rules.

(3) In the application of subsection (2) above to Scotland—

(a) for the reference to a bankruptcy order being made in respect of a person there shall be substituted a reference to the estate of that person being sequestrated;

(b) the reference to a winding-up order in respect of a partnership is a reference to such an order made under section 72 below;

(c) for the reference to the trustee in bankruptcy there shall be substituted a reference to the interim trustee or permanent trustee within the meaning of the M13 Bankruptcy (Scotland) Act 1985; and

(d) for the references to the bankrupt there shall be substituted references to the debtor.

(4) In the application of subsection (2) above to Northern Ireland for the reference to a bankruptcy order there shall be substituted a reference to an order of adjudication of bankruptcy and the reference to a trustee in bankruptcy shall include a reference to an assignee in bankruptcy.

Textual Amendments

F1 Words in s. 45(1)(j) inserted (1.9.1992) by Charities Act 1992 (c. 41), s. 78(1), Sch. 6 para.14; S.I. 1992/1900, art. 2, Sch.1.

Modifications etc. (not altering text)

C1 s. 45(2) amended (1.1.1993) by S.I. 1992/3218, reg. 55, Sch. 9 para.8.

Marginal Citations

M1 1925 c. 23.

M2 1955 c. 24 (N.I.).

M3 1982 c. 53.

M4 1906 c. 55.

M5 1983 c. 20.

M6 1896 c. 35.

M7 1960 c. 58.

M8 1964 c. 33. (N.I.).

M9 1961 c. 62.

M10 1982 c. 53.

M11 1958 No. 1.

M12 1986 c. 45.

M13 1985 c. 66.