Courts Act 1971

Funds in court

4 (1) On the relevant date all investments and money which, immediately before that date, constituted the funds in court in the Palatine Court shall, by virtue of this Act and without any transfer or assignment, be vested in the Accountant General of the Supreme Court as funds in the Supreme Court.

(2) In dealing with any investments and money vested in him by virtue of sub-paragraph (1) above, the Accountant General of the Supreme Court shall comply with any directions which the Lord Chancellor may consider it expedient to give to him with a view to securing the transition of the administration of the funds in court in the Palatine Court to the Supreme Court.

(3) The transfer of any funds under sub-paragraph (1) above shall not affect the right of any person in or to any of those funds, and any such right may be enforced on and after the appointed day as if it had always been a right in respect of funds in the Supreme Court.

(4) On the relevant date there shall be vested in the Accountant General of the Supreme Court any outstanding liabilities of the Lancaster Palatine Court in respect of sums which at one time formed part of the funds in court in the Lancaster Palantine Court but which ceased to do so at some time prior to that date ; and any amounts required to meet any such liabilities shall be paid out of the Consolidated Fund to the Accountant General.

(5) On the relevant date section 52 of the [1956 c. 46.] Administration of Justice Act 1956 (provision for transfer to charities and ecclesiastical corporations of certain funds in the Lancaster Palatine Court) shall cease to have effect and any funds which, immediately before that date, might have been dealt with under that section may, on and after that date, be dealt with under section 15 of the [1928 c. 26.] Administration of Justice Act 1928 (corresponding provision for transfer of funds in the Supreme Court).