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4(1)Where rules made under section 32 of the 1974 Act and containing any such provision as is referred to in section 33(1)(a) of that Act are applied to recognised bodies in accordance with section 9(2)(f) of this Act, then, except as provided by the! rules and subject to sub-paragraph (2), a recognised body which in pursuance of the rules maintains an account in which it keeps money received or held for or on account of its clients generally shall not be liable to account to any person for interest received by it on money in that account.
(2)Nothing in any such rules or in sub-paragraph (1) shall—
(a)affect any arrangement in writing between a recognised body and any of its clients as to the application of the client's money or interest on it; or
(b)apply to money received by a recognised body being money subject to a trust of which the body is a trustee.
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