7(1)If the Council takes possession of any sum of money to which paragraph 6 applies, the Council shall pay it into a special account in the name of the Council or of a person nominated on behalf of the Council; and any such person shall hold that sum on trust to permit the Council to exercise in relation to it the powers conferred by this Part of this Schedule and, subject thereto, on trust for the persons beneficially entitled to it.
(2)A bank or other financial institution at which a special account is kept shall be under no obligation to ascertain whether it is being dealt with properly.