640. Service charge contributions to be held in designated account.

As from a day to be appointed (except for the purpose of enabling the Secretary of State to make regulations)1, the payee2 must hold any sums standing to the credit of any trust fund3 in a designated account at a relevant financial institution4. An account is a designated account in relation to sums standing to the credit of a trust fund if:

  1.  

    (1)     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 it5; and

  2.  

    (2)     no other funds are held in the