(1) A qualifying intermediary which is to receive on behalf of other persons -
(a) any relevant distributions to be made by any company resident in the State, or
(b) from another qualifying intermediary amounts or other assets (in this section referred to as 'payments') representing such distributions.
shall create and maintain, in relation to such distributions and payments, 2 separate and distinct categories to be known, respectively, as the 'Exempt Fund' and the 'Liable Fund', and the qualifying intermediary shall notify that company or that other qualifying intermediary, as the case may be, by way of notice in writing, whether the relevant distributions to be made to it by that company, or, as the case may be, the payments representing such distributions to be made to it by that other qualifying intermediary, are to be received by it for the benefit of a person included in the Exempt Fund or a person included in the Liable Fund.
(2) Subject to subsections (3) and (5), a qualifying
…