Road Traffic Act, 1933

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Deposits by vehicle guarantors and exempted persons.

61.—(1) Any person (other than a vehicle insurer) who intends to carry on the business of issuing approved guarantees or who desires to become an exempted person may deposit and thereafter keep deposited with the Accountant of the Courts of Justice the sum of fifteen thousand pounds.

(2) The Accountant of the Courts of Justice shall invest every sum deposited with him under this section in such of the securities authorised by law for the investment of funds in the High Court as the person making or maintaining such deposit shall direct, and the income accruing on such securities shall be paid to the said person.

(3) The Accountant of the Courts of Justice shall not accept a deposit under this section save on a warrant of the Minister for Industry and Commerce.

(4) The Minister for Industry and Commerce may by order make rules with respect to applications for warrants for the purposes of this section, the payment of deposits and the investment thereof or dealing therewith, the deposit of stocks, shares, or other securities in lieu of money, the payment of the income from time to time accruing due on any securities in which deposits are for the time being invested, and the withdrawal and transfer of deposits.