Subject to the provisions relating to local bank accounts where the trustee1 exercises the power to carry on the business of the bankrupt2, the trustee must pay all money received by him in the course of carrying out his functions as such without any deduction into the Insolvency Services Account3 kept by the Secretary of State with the Bank of England to the credit of the bankrupt once every 14 days or forthwith if £5,000 or more has been received4.
Every such payment of money into the Insolvency Services Account must be:
(1) made through the Bank Giro System; or
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