Constitutional Reform Act 2005

Valid from 01/10/2009

Funds U.K.

7 (1) This paragraph applies to the investments and money which constitute the funds in court of— U.K.

(a) the House of Lords, or

(b) the Judicial Committee of the Privy Council,

that are held in relation to transferred proceedings.

(2) On the transfer day the investments and money are, by virtue of this paragraph and without any transfer or assignment, vested in the accounting officer as funds in the Supreme Court.

(3) In dealing with any investments and money vested in him by virtue of this paragraph, the accounting officer must comply with any directions which the Lord Chancellor may give with a view to securing the transition of the administration of the funds in court referred to in sub-paragraph (1).

8 (1) The transfer of any investments and money under paragraph 7 does not affect the right of any person in or to any thing so transferred. U.K.

(2) Any such right may be enforced from the transfer day as if it had always been a right in respect of funds in the Supreme Court.

9 (1) This paragraph applies to a liability of the House of Lords or the Judicial Committee of the Privy Council if the following conditions are met— U.K.

(a) the liability is in respect of sums which at one time formed part of funds in court held in relation to proceedings under transferred jurisdiction but which ceased to do so before the transfer day;

(b) the liability is outstanding immediately before the transfer day.

(2) On the transfer day the liability is, by virtue of this paragraph and without any transfer or assignment, vested in the accounting officer.

(3) Any amounts required to meet any such liability are to be paid out of the Consolidated Fund to the accounting officer.

10 U.K. In paragraphs 7 and 9 “accounting officer” means the person who, in the view of the President of the Supreme Court, carries out duties in relation to that court that correspond as nearly as possible to the duties carried out in relation to the Senior Courts of England and Wales by the Accountant-General of those courts.