Clause 19

An authorised nominating body must open and maintain a trust account with a bank for the purpose of holding the adjudicated amount mentioned in section 18(3).

An authorised nominating body must not withdraw any money from a trust account except for the purpose of subsection (3) or making a payment under section 22(2).

All interest earned from the maintenance of adjudicated amounts received in a trust account accrue to the authorised nominating body, which may dispose of the interest in such manner as the authorised nominating body considers fit.

Money held in a trust account is not available for payment of the debts of an authorised nominating body or liable to be paid or taken in execution under the order or process of a court.

Nothing in subsection (4) takes away or affects any lawful claim that a claimant or a respondent has against money held in a trust account.

In this section —“bank” has the meaning given by the Banking Act (Cap. 19);“trust account” means a current or deposit account maintained in the name of the authorised nominating body at a bank, in the title of which the words “BCISOPA ANB — Adjudicated Amount Client Account” appear.”.