(1) Prior to the investment of any payments made under a PRSA contract, a PRSA provider, not being a PRSA provider referred to in subsection (2) or (3) of section 96, shall ensure such payments are held in a custodian account through a custodian with whom it has entered into a custodian contract in accordance with subsection (1)(e) of section 96 in such a manner that they are clearly identifiable and legally separate from the assets of the PRSA provider.
(2) Subject to section 121(3), every contribution to a PRSA contract shall be paid to the custodian account of the relevant PRSA provider.
(3) The use by a custodian of the services of other financial institutions, sub-custodians or nominees in order to provide for the safekeeping in a custodian account of the payments referred to in subsection (1) shall not relieve the custodian of any of its obligations, duties or liabilities under a custodian contract.
(4) Where a contribution is paid to an intermediary, including an investment busi
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