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(1)The factor shall lodge the money in his hands in some one of the [F1following institutions, that is to say—
(a)an institution authorised under the Banking Act 1987;
(b)the National Savings Bank; or
(c)a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986,],
in a separate account or on deposit, such account or deposit being in his own name as judicial factor on the estate; and if the factor shall keep in his hands more than [F2five hundred pounds] of money belonging to the estate for more than ten days, he shall be charged with a sum to the estate at the rate of twenty pounds per centum per annum on the excess of the said sum of [F2five hundred pounds]for such time as it shall be in his hands beyond the said ten days; and, unless the money has been so kept from innocent causes, the factor shall be dismissed from his office, and shall have no claim for commission.
[F3(2)The Secretary of State may by order made by regulations amend subsection (1) above by substituting for any sum for the time being specified in that subsection such other sum as appears to him to be justified by a change in the value of money.
(3)The power to make regulations under subsection (2) above shall be exercisable by statutory instrument; and no such regulations shall be made unless a draft of them has been approved by resolution of each House of Parliament.]
[F4(4)In lodging money under subsection (1) above the judicial factor shall not require to have regard to any provision of the Trustee Investments Act 1961 which would, apart from the provisions of this subsection, require him to seek advice before depositing money in any of the institutions mentioned in that subsection.]
Modifications etc. (not altering text)
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