(1) A receiver who believes on reasonable grounds that money held in an
account with an authorised deposit-taking institution is receivable property
may serve on the institution concerned an order (in this section referred to
as a
"stop order" ) prohibiting operations on the account by any person other than
the receiver or a person authorised by the receiver.
(2) A stop order may be
served by leaving it with the manager, accountant or other person appearing to
be in charge at the branch of the authorised deposit-taking institution at
which the account is kept, but has no effect unless there is annexed to it a
copy of the order appointing the receiver.
(3) An authorised deposit-taking
institution served with a stop order--
(a) must permit the receiver, or a
person authorised by the receiver, to operate on the account to which the
order relates, and
(b) must not permit any withdrawal from the account
otherwise than by, or by the authority of, the receiver.
(4) A receiver may
transfer money from an account the subject of a stop order to another account
with the authorised deposit-taking institution in the name of the receiver to
be dealt with as receivable property.
(5) The authorised deposit-taking
institution has the same obligations and protections--
(a) in relation to an
account the subject of a stop order, and
(b) in relation to an account to
which money in such an account is transferred,
as if the receiver were the
relevant licensee or relevant associate.
