Law Reform (Miscellaneous Provisions) (Scotland) Act 1990

The Judicial Factors Act 1849 (c. 51) S

21 (1) In section 5 (factor to lodge monies in one of the banks of Scotland) of the Judicial Factors Act 1849— S

(a) in subsection (1), for the words “banks in Scotland established by Act of Parliament or royal charter” there shall be substituted the words— “following institutions, that is to say—

(a) an institution authorised under the Banking Act 1987;

(b) the National Savings Bank; or

(c) a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986,”; and

(b) at the end of that section there shall be inserted the following subsection—

“(4) In lodging money under subsection (1) above the judicial factor shall not require to have regard to any provision of the Trustee Investments Act 1961 which would, apart from the provisions of this subsection, require him to seek advice before depositing money in any of the institutions mentioned in that subsection.”.

(2) In section 33 (power of accountant to require information) of that Act, for the word “bank”—

(a) in the first place where it occurs, there shall be substituted the words “ institution such as is mentioned in paragraphs (a) to (c) of section 5(1) of this Act ”; and

(b) in the second and third places where it occurs, there shall be inserted the word “ institution ”.

(3) In section 34 (discharge of factors, tutors and curators) of that Act, at the beginning there shall be inserted the words “ Subject to section 34A of this Act, ”.

(4) In section 37 (accumulation of principal and interest on accounts and deposits) of that Act—

(a) for the words “bank in Scotland” there shall be substituted the words “ institution such as is mentioned in paragraphs (a) to (c) of section 5(1) of this Act ”; and

(b) for the words “any bank” there shall be substituted the words “ any such institution ”.