Schedule 3, paragraph 6

All money received by an administrator in the exercise of his functions must be deposited by him, in the name (unless vested in the administrator by virtue of paragraph 5(4)) of the holder of the property realised, in a bank or building society. But the administrator may at any time retain in his hands a sum not exceeding £200 or such other sum as may be prescribed by the Scottish Ministers by regulations. In sub-paragraph (1)— “bank” means an authorised deposit-taker, other than a building society, that has its head office or a branch in the United Kingdom; “building society” has the same meaning as in the Building Societies Act 1986. In sub-paragraph (3)(a) “authorised deposit-taker” means— a person who has permission under Part 4A of the Financial Services and Markets Act 2000 to accept deposits; a person who— is specified, or is within a class of persons specified, by an order under section 38 of that Act (exemption orders), and accepts deposits; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A reference in sub-paragraph (4) to a person ... with permission to accept deposits does not include a person ... with permission to do so only for the purposes of, or in the course of, an activity other than accepting deposits.

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Source: legislation.gov.uk · retrieved 2026-09-04