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3(1)The sums of money to which this paragraph applies, and the right to recover or receive them, vest in the licensing authority if the licensing authority decides that they should do so.
(2)This paragraph applies to all sums of money held by or on behalf of the licensed body in connection with—
(a)its activities as a licensed body,
(b)any trust of which it is or was a trustee, or
(c)any trust of which a person who is or was a manager or employee of the licensed body is or was a trustee in that person’s capacity as such a manager or employee.
(3)Sub-paragraph (1) applies whether the sums were received by the person holding them before or after the licensing authority’s decision.
(4)Those sums and that right are held by the licensing authority—
(a)on trust to exercise the powers conferred by this Schedule in relation to them, and
(b)subject to that and to rules under paragraph 6, on trust for the persons beneficially entitled.
(5)The licensing authority must give the licensed body, and any other person in possession of sums of money to which this paragraph applies—
(a)a copy of the licensing authority’s decision, and
(b)a notice prohibiting the payment out of those sums.
(6)A person to whom a notice under sub-paragraph (5) is given may apply to the High Court for an order directing the licensing authority to withdraw the notice.
(7)An application under sub-paragraph (6) must be made within 8 days of the licensing authority giving the person notice under sub-paragraph (5).
(8)The person must give not less than 48 hours notice of any application under sub-paragraph (6)—
(a)to the licensing authority, and
(b)if the notice under sub-paragraph (5) gives the name of a solicitor instructed by the licensing authority, to that solicitor.
(9)If the court makes the order, it may make any other order it thinks fit with respect to the matter.
(10)It is an offence for a person to whom a notice has been given under sub-paragraph (5) to pay out sums of money at a time when such payment is prohibited by the notice.
(11)A person who is guilty of an offence under sub-paragraph (10) is liable on summary conviction to a fine not exceeding level 3 on the standard scale.
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