• Common accounts

    • FUNDS 2.1.3

      An arrangement does not constitute a Fund if:

      (a) the rights or interests of each participant in the arrangement are rights or interests in money held in a common account; and
      (b) the money is held in the account on the understanding that an amount representing the contribution of each participant is to be applied in making payments to him or in satisfaction of sums owed by him or in the acquisition of property for him or the provision of services to him.