
1 
These Regulations may be cited as the Motor Vehicles (Third-Party Risks Deposits) Regulations 1992, and shall come into force on 1st July 1992.
2 
The Motor Vehicles (Third-Party Risks Deposits) Regulations 1967 are hereby revoked.
3 
In these Regulations, except where the context otherwise requires, the following expressions have the meanings hereby respectively assigned to them—
 “the Act” means the Road Traffic Act 1988;
 “the Accountant General” means the Accountant General of the Supreme Court;
 “basic account” means a deposit account bearing interest;
 “the court” means the High Court;
 “the depositor” has the meaning assigned thereto in regulation 4 of these Regulations;
 “permitted securities” means the securities specified in Part I, paragraphs 1 to 10A and 12 of Part II, and paragraphs 2 and 3 of Part III, of Schedule 1 to the Trustee Investments Act 1961, as supplemented by Part IV of that Schedule;
 “the prescribed sum” means the sum for the time being specified in section 144(1) of the Act; and
 “the Secretary of State” means the Secretary of State for Transport.
4 
Any person wishing to deposit with the Accountant General the prescribed sum, or to increase the deposit already made to the prescribed sum, or any person wishing to deposit with the Accountant General the sum of £15,000 in pursuance of section 146(2) of the Act, may apply to the Secretary of State for a warrant which shall be a sufficient authority for the Accountant General to issue a direction for lodgment into court by the person named in the warrant (hereinafter referred to as “the depositor”) of the said prescribed sum, or of sufficient sum to increase the deposit already made to the prescribed sum, or the said sum of £15,000, which shall be credited in the books of the Accountant General to an account entitled ex parte the depositor, in respect of the Act:
Provided that in lieu, wholly or in part, of the deposit of money the depositor may deposit an equivalent amount of securities in which cash under the control of or subject to the order of the court may for the time being be invested (the value thereof being taken at a price as near as may be to, but not exceeding, the current market price) and in that case the Secretary of State shall vary his warrant accordingly.
5 

(1) Any money deposited shall be—
(a) invested by the Accountant General in such permitted securities as the depositor may in writing request, or
(b) in the absence of such request, placed to a basic account.
(2) Any interest, dividend or income accruing due on money or securities deposited with the court under the last preceding regulation shall, subject to any order of the court, be paid to the depositor at his request.
(3) This regulation shall apply to any deposit made, or having effect as if made, in pursuance of sections 144(1) or 146(2) of the Act, whether under these Regulations or any preceding Rules or Regulations.
6 
In any case where it may be just and equitable so to do, and in particular in any of the following cases, that is to say—
(a) where a person who has made a deposit in pursuance of section 144(1) of the Act, or having effect as if made in pursuance of that section, complies, or satisfies the Accountant General that he intends to comply, in some other manner, whether by way of insurance or otherwise, with the provisions of Part VI of the Act,
(b) where—
(i) a person who has made such a deposit as aforesaid ceases to own, or to control the use of, a motor vehicle, or
(ii) a person who has made a deposit in pursuance of section 146(2) of the Act, or having effect as if made in pursuance of that section, has ceased altogether to carry on in the United Kingdom the business of giving securities under Part VI of the Act,
 and in either case all liabilities in respect of which money or securities were deposited in court have been satisfied or otherwise provided for,
the Secretary of State may, on the application of any such person, authorise the Accountant General to pay or transfer any money or securities deposited with him to such person as aforesaid or otherwise as the Accountant General may direct.
7 
The issue of any warrant under regulation 4 of these Regulations or any error in any such warrant, or in relation thereto, shall not render the Secretary of State or the person signing the warrant on his behalf, in any manner liable for or in respect of any money or security deposited in court, or any securities for the time being representing the same, or the interest, dividends or income accruing due thereon.
8 
Subject to the foregoing Regulations, the relevant provisions of the Court Funds Rules 1987 shall apply to deposits made, or having effect as if made, in pursuance of section 144(1) or section 146(2) of the Act, whether under these Regulations or any preceding Rules or Regulations.
Signed by authority of the Secretary of State for Transport
Kenneth Carlisle
Parliamentary Under Secretary of State
Department of Transport
3rd June 1992