[42A Service charge contributions to be held in designated account]
Landlord and Tenant Act 1987 (1987 c 31) | Legislation

[42A  Service charge contributions to be held in designated account]

[(1)ÌýÌýÌýÌý The payee must hold any sums standing to the credit of any trust fund in a designated account at a relevant financial institution.

(2)ÌýÌýÌýÌý An account is a designated account in relation to sums standing to the credit of a trust fund if—

(a)ÌýÌýÌýÌý the relevant financial institution has been notified in writing that sums standing to the credit of the trust fund are to be (or are) held in it, and

(b)ÌýÌýÌýÌý no other funds are held in the account,

[(b)ÌýÌýÌýÌý any other sums held in the account are sums standing to the credit of one or more other trust funds,]

and the account is an account of a description specified in regulations made by the Secretary of State [appropriate national authority].

[(2A)ÌýÌýÌýÌý The appropriate national authority may by regulations ensure that a payee who holds more than one trust fund in the same designated account cannot move any of those funds to another designated account unless conditions specified in the regulations are met.]

(3)ÌýÌýÌýÌý Any of the contributing tenants, or the sole contributing tenant, may by notice in writing require the payee—

(a)ÌýÌýÌýÌý to afford

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