SCHEDULES

C1C3C2C4SCHEDULE 14Licensing authority's powers of intervention

Annotations:
Modifications etc. (not altering text)

Money: prohibition on payment

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1

The licensing authority may apply to the High Court for an order under sub-paragraph (2), and the High Court may make the order if it thinks fit.

2

The order is that a person holding money on behalf of the licensed body may not make any payment of the money, except with the leave of the court.

3

An order under sub-paragraph (2) may take effect in relation to a person—

a

whether or not the person is named in the order;

b

however the money is held;

c

whether the money was received before or after the order was made.

4

But an order under sub-paragraph (2) does not take effect in relation to a person until the licensing authority—

a

has given the person a copy of the order, and

b

(in the case of a bank or other financial institution) has indicated the branches at which it believes money to which the order relates is held.

5

A person is not to be treated as having disobeyed an order under sub-paragraph (2) by making a payment of money if the court is satisfied that the person—

a

exercised due diligence to ascertain whether it was money to which the order related, and

b

failed to ascertain that the order related to it.