Part VII

Funds in Court

Investment of funds in court.
81
1
Save in a case in which it is provided by an order of the court that it shall not be placed or invested as mentioned in the following provisions of this section, and subject to any provision to the contrary made by rules made under the next following section, a sum of money in the Court of Judicature or in the county court—
a
may, if the High Court or the county court (as the case may be) so orders, be dealt with in such of the following ways as may be specified in the order, namely:—
i
it may be placed, in accordance with rules so made, to a deposit account or a short-term investment account (that is to say, to an account of one or other of two kinds such that, in the case of an account of either kind, there will, under rules so made, but subject to any exceptions thereby prescribed, fall to accrue on moneys placed thereto interest derived from the transfer to, and investment by, the National Debt Commissioners of the moneys placed to all the accounts of those kinds);
ii
it may be placed to a long-term investment account for transfer, under rules so made, to such one of the funds established by schemes made under section 42 of the Administration of Justice Act 1982 as may be so specified;
iii
it may be invested by the Accountant General in such of the securities designated for the purposes of this paragraph by rules made under section 55 of this Act or Article 47 of the County Courts (Northern Ireland) Order 1980 as may be so specified;
iv
it may be invested by the Accountant General in accordance with directions given by an advisory committee appointed by the Lord Chancellor in accordance with rules made under the next following section;
b
shall, if no order is made with respect to it under the foregoing paragraph, be dealt with as follows—
i
except in a case in which it was paid in under section 63 of the Trustee Act (Northern Ireland) 1958, it shall be placed, in accordance with rules made under the next following section, to a deposit account;
ii
in the said excepted case, it shall be invested by the Accountant General in such manner as may be prescribed by rules so made.
2
If the High Court or (as the case may be) the county court so orders, the power of the Accountant General under subsection (1)(a)(iii) or (iv) to invest a sum of money in the Court of Judicature or the county court in securities includes the power to pay out of that sum any fees or expenses which are—
a
incurred in connection with, or for the purposes of, investing that sum; and
b
of an amount or at a rate approved by the High Court or (as the case may be) the county court.
3
A court shall not make an order under subsection (2) unless the court considers it necessary and proportionate in all the circumstances to do so.
4
The High Court or (as the case may be) the county court may, on an application made to it, order that all or part of any sum paid by way of fees or expenses under subsection (2) be refunded where it appears to the court to be in the interests of justice to do so.
Words in s. 81(a)(ii) substituted (13.6.1991) by Administration of Justice Act 1982 (c. 53, SIF 38), s. 70, Sch. 8 para. 7; S.I. 1991/1245, art.2
1982 c. 53.
Words substituted by S.I. 1980/397 (N.I. 3), art. 68(2), Sch. 1 Pt. II
1958 c. 23 (N.I.)
Words in s. 81 substituted (1.10.2009) by Constitutional Reform Act 2005 (c. 4), ss. 59, 148, Sch. 11 para. 6(1); S.I. 2009/1604, art. 2(d)
S. 81(2)-(4) inserted (N.I.) (5.7.2011) by Justice Act (Northern Ireland) 2011 (c. 24), ss. 98(3), 111(3); S.R. 2011/224, art. 2
S. 81 renumbered as s. 81(1) (N.I.) (5.7.2011) by Justice Act (Northern Ireland) 2011 (c. 24), ss. 98(2), 111(3); S.R. 2011/224, art. 2
S. 81(a)(iv) transfer of functions (12.4.2010) by The Northern Ireland Act 1998 (Devolution of Policing and Justice Functions) Order 2010 (S.I. 2010/976), art. 1(2), Sch. 17 para. 6(h) (with arts. 28-31)