Northern Territory Consolidated Acts Northern Territory Consolidated Acts54. Provisions relating to ADI accounts
(1) If a trust account is maintained at an ADI or the Territory Insurance Office, the ADI or the Territory Insurance Office, as the case may be, is not under an obligation to control or supervise transactions in relation to the trust account or to verify the application by the agent of moneys drawn out of the account.
(2) Nothing in subsection (1) authorises an ADI or the Territory Insurance Office to pay money out of a trust account except by the means referred to in section 52(3).
(3) With respect to any liability of the agent to the ADI or the Territory Insurance Office at which the agent maintains a trust account, the ADI or the Territory Insurance Office does not have and shall not have and shall not obtain, a recourse or right, whether by way of settlement, counter-claim, charge or otherwise, against moneys standing to the credit of the trust account.
(4) This section does not relieve an ADI or the Territory Insurance Office from a liability or obligation to which it is subject apart from this Act.