(1) Where an instrument to which this section applies is tendered by or on behalf of any person for collection to the holder of a licence or authorisation under section 9A with whom the person maintains an account (not being the holder on whom the instrument is drawn), the holder shall accept the instrument for collection and shall credit any proceeds of collection to the account aforesaid.

(2) Any charge imposed by the holder of a licence or authorisation under section 9A on another holder or a trustee savings bank certified under the Trustee Savings Banks Acts, 1863 to 1965 or a building society authorised under the Building Societies Act, 1989, in relation to the collection of an instrument to which this section applies and the crediting of any proceeds of collection pursuant to subsection (1) of this section shall be subject to the approval of the Bank.