(1) A licensee on receipt of funds from a customer shall immediately and irrevocably segregate the amount intended for transmission or delivery to the payee customer exclusively for the purpose of the proper payment of the funds in due course to the payee customer.
(2) Any funds which are not delivered or transmitted to the payee customer by or on behalf of the licensee is a charge on the assets of a bankrupt or otherwise insolvent licensee and shall be—
(a) re-paid to the payor customer; or
(b) paid to the payee customer,
by the licensee, receiver, liquidator or administrator out of the segregated account to which the funds placed or was deemed to have been placed.