56A Disposal or exercise of rights in pursuance of deposits.

1

This section applies where there is an arrangement under which—

a

there is a right to receive an amount (with or without interest)

in pursuance of a deposit of money,

b

when the right comes into existence there is no certificate of deposit in respect of the right, and

c

the person for the time being entitled to the right is entitled to call for the issue of a certificate of deposit in respect of the right.

2

In such a case—

a

the right shall be treated as not falling within section 56(1)(b), and

b

if there is a disposal or exercise of the right before such time (if any) as a certificate of deposit is issued in respect of it, section 56(2) shall apply to it by virtue of this paragraph.

3

In the application of section 56 by virtue of this section—

a

subsection (2) shall have effect as if the words from “(whether" to “person)" read “(whether by the person originally entitled to the right or by some other person)", and

b

subsection (3) shall have effect as if the words “stated in a certificate of deposit" read “under an arrangement".

4

In this section “certificate of deposit” has the meaning given by section 56(5).