5(1)If the licensing authority takes possession of any sum of money to which paragraph 3 applies or by virtue of paragraph 4, it must pay it into a special account in the name of the licensing authority or a person nominated on its behalf.E+W
(2)A person nominated under sub-paragraph (1) holds that sum—
(a)on trust to permit the licensing authority to exercise the powers conferred by this Schedule in relation to it, and
(b)subject to that and rules under paragraph 6, on trust for the persons beneficially entitled.
(3)A bank or other financial institution at which a special account is kept is under no obligation to ascertain whether it is being dealt with properly.
Commencement Information
I1Sch. 14 para. 5 in force at 1.10.2011 by S.I. 2011/2196, art. 2(1)(e)