16. Bank accounts

(1) The qualifying company shall open a bank account in a banking institution based in the State from which all eligible expenditure is to be paid.

(2) The specified amount shall be paid to the producer company to a bank account in a banking institution in the State and shall be transferred to the account of the qualifying company as set out in this regulation.

(3) The specified amount shall not be paid unless the producer company has been carrying on the trade referred to in paragraph (b) of the definition of producer company in section 481(1) of the Act of 1997 for a period of 21 months prior to a claim under section 481(2G)(b) of the Act of 1997.