5.—(1) A dividend or other distribution paid in the surrender year in respect of an outstanding bearer share must be paid into the account opened by the company in accordance with sub-paragraph (3).U.K.
(2) Where a share is converted under paragraph 3, the person registered under paragraph 3(3) in respect of the share is entitled to—
(a)any amounts paid into that account in respect of the share under sub-paragraph (1), and
(b)any interest accrued on those amounts while held in that account.
(3) Where any payments are to be made under sub-paragraph (1) or paragraph 6 in respect of shares of a particular open-ended investment company, the company must open a separate bank account for the purpose of receiving the payments, and must do so before the first of any such payments is to be made.
(4) The terms of the account must be such that its balance—
(a)bears interest at an appropriate rate, and
(b)can be withdrawn during bank hours without having to give prior notice.
Commencement Information
I1Sch. para. 5 in force at 1.1.2021, see reg. 1(2)