Where the Secretary of State receives a notification from a bank or building society under section 40B(2) in relation to a person, the Secretary of State must check whether the person is a disqualified person.
If the Secretary of State determines that the person is a disqualified person, the Secretary of State may apply under section 40D for a freezing order in respect of one or more of the accounts held with the bank or building society that are operated by or for the disqualified person.
If the Secretary of State decides not to apply for a freezing order under subsection (2), or decides to apply for a freezing order in respect of one or more but not all of the accounts held with the bank or building society that are operated by or for the disqualified person, the Secretary of State must notify the bank or building society that it is subject to the duty in section 40G(2) in relation to the disqualified person.
A notification made under subsection (3) must contain the prescribed information and be made in the prescribed form and manner.
In subsection (4) "prescribed" means prescribed in regulations made by the Treasury.
If the Secretary of State determines that the person is not a disqualified person, the Secretary of State must notify the bank or building society accordingly.