(1)Where in any court proceedings a sum of money becomes payable to, or for the benefit of, a child under the age of sixteen years, the court may make such order relating to the payment and management of the sum for the benefit of the child as it thinks fit.
(2)Without prejudice to the generality of subsection (1) above, the court may in an order under this section—
(a)appoint a judicial factor to invest, apply or otherwise deal with the money for the benefit of the child concerned;
(b)order the money to be paid—
(i)to the sheriff clerk or the Accountant of Court; or
(ii)to a parent or guardian of that child,
to be invested, applied or otherwise dealt with, under the directions of the court, for the benefit of that child; or
(c)order the money to be paid directly to that child.
(3)Where payment is made to a person in accordance with an order under this section, a receipt given by him shall be a sufficient discharge of the obligation to make the payment.