The Court Funds (Amendment No 2) Rules 2007

Amendments to the Court Funds Rules 1987

9.  Rule 34 is amended as follows—

(a) in paragraph (1), for the words “paragraph (3)”, substitute “paragraph (5)”;

(b) in paragraph (2), omit the words “by him”; and

(c) for paragraph (3), substitute—

“(3) Paragraph (2) does not apply to money under the control of or subject to an order of the Court of Protection.

(4) In paragraphs (5) to (7), “investment manager” means a person appointed by a deputy to make decisions as to the investment of money held in court on behalf of a person who lacks capacity.

(5) Money under the control of or subject to an order of the Court of Protection may be invested or reinvested by the Accountant General in such investments–

(i) as the court may direct;

(ii) if a deputy has been appointed to make decisions in relation to that money on behalf of a person who lacks capacity, as the deputy may in writing direct; or

(iii) if the deputy has appointed an investment manager, as the investment manager may in writing direct.

(6) If a deputy decides to appoint an investment manager for the purposes of this rule, he must send in writing to the Accountant General—

(i) contact details of the investment manager; and

(ii) authority for the investment manager to give directions for the investment of the funds held in court.

(7) The Accountant General may refuse to comply with a direction made under paragraph (5), if—

(i) in relation to a direction given by a deputy, it appears to him that the direction is not within the powers conferred on the deputy by the terms of his appointment;

(ii) in relation to an investment manager, it appears to him that–

(a) it was not within the powers of the deputy to appoint an investment manager;

(b) the deputy has not complied with paragraph (5); or

(c) it was not within the powers of the investment manager to give that direction; or

(iii) the court has made a contrary direction,

or for another good reason.”.