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The Court Funds Rules 2011

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Interest bearing accounts

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11.—(1) The Accountant General shall maintain two interest bearing accounts; a basic account and a special account.

(2) The Accountant General shall invest money in a basic account unless:

(a)a court directs otherwise;

(b)it is invested in a special account;

(c)it is transferred to an account of unclaimed funds; or

(d)it amounts to less than £10.

(3) Subject to rule 12(2), the Accountant General shall invest money to which a child or person who lacks capacity is entitled in a special account unless:

(a)a court directs otherwise;

(b)a deputy or investment manager directs otherwise;

(c)it is transferred to an account of unclaimed funds; or

(d)it amounts to less than £10.

(4) If the Accountant General appoints the Director of Savings under rule 5(1), from the date of the appointment paragraphs (2)(d) and (3)(d) shall cease to have effect.

(1)

Section 22 of the Financial Services Act 2010 (c.28) provides that the Director of Savings (who is appointed in accordance with section 1 of the National Savings Bank Act 1971 (c. 29)) may discharge a function of the Accountant General under the Court Funds Rules if appointed by the Accountant General under the Court Funds Rules to do so.

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