Money received by administratorS
6(1)All money received by an administrator in the exercise of his functions must be deposited by him, in the name (unless vested in the administrator by virtue of paragraph 5(4)) of the holder of the property realised, in [F1a bank or building society].
(2)But the administrator may at any time retain in his hands a sum not exceeding £200 or such other sum as may be prescribed by the Scottish Ministers by regulations.
[F2(3)In sub-paragraph (1)—
(a)“bank” means an authorised deposit-taker, other than a building society, that has its head office or a branch in the United Kingdom;
(b)“building society” has the same meaning as in the Building Societies Act 1986.
(4)In sub-paragraph (3)(a) “authorised deposit-taker” means—
(a)a person who has permission under Part 4A of the Financial Services and Markets Act 2000 to accept deposits;
(b)a person who—
(i)is specified, or is within a class of persons specified, by an order under section 38 of that Act (exemption orders), and
(ii)accepts deposits;
(c)an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act that has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits.
(5)A reference in sub-paragraph (4) to a person or firm with permission to accept deposits does not include a person or firm with permission to do so only for the purposes of, or in the course of, an activity other than accepting deposits.]
Textual Amendments
F1Words in Sch. 3 para. 6(1) substituted (27.4.2017 for specified purposes, 31.1.2018 in so far as not already in force) by Criminal Finances Act 2017 (c. 22), ss. 30(2), 58(2)(6); S.S.I. 2017/456, reg. 2(b)
F2Sch. 3 para. 6(3)-(5) substituted for Sch. 3 para. 6(3) (27.4.2017 for specified purposes, 31.1.2018 in so far as not already in force) by Criminal Finances Act 2017 (c. 22), ss. 30(3), 58(2)(6); S.S.I. 2017/456, reg. 2(b)
Commencement Information
I1Sch. 3 para. 6 in force at 24.3.2003 by S.S.I. 2003/210, art. 2(1)(a)