(1) An amount that is to be paid to a person under section 1061EI may only be paid in accordance with this section.
(2) Subject to this section, the amount is to be paid, at the time or times worked out under section 1061EB, to the credit of a bank account nominated and maintained by the person.
(3) The account may be an account that is maintained by the person either alone or jointly or in common with another person.
(4) Where the person has not nominated an account for the purposes of subsection (2), then, subject to subsections (5) and (7), the amount is not to be paid.
(a) an amount has not been paid because of subsection (4); and
(b) the person nominates an account for the purposes of subsection (2);
the amount is to be paid under subsection (2).
(6) The Secretary may direct that the whole or a part of the amount be paid to the person in a different way from that provided for by subsection (2).
(7) If the Secretary gives a direction under subsection (6), the amount is to be paid in accordance with the direction.