151LDeposit arrangements

1

This section applies to arrangements if under them—

a

a person (“the depositor”) deposits money with a financial institution,

b

the money, together with money deposited with the institution by other persons, is used by it with a view to producing a profit,

c

from time to time the institution makes or credits a payment to the depositor out of profit resulting from the use of the money,

d

the payment is in proportion to the amount deposited by the depositor, and

e

the payments so made or credited by the institution equate, in substance, to the return on an investment of money at interest.

2

This section is subject to section 151O (provision not at arm's length: exclusion of arrangements from sections 151J, 151K, this section and sections 151M and 151N).