Northern Territory Consolidated Acts

AGENTS LICENSING ACT - SECT 73

(1) A receiver appointed under this Part may:

(a) by instrument in writing, give to the manager or other officer in charge of the branch of the ADI or Territory Insurance Office at which the agent maintains or has maintained the agent's trust account, notice of the appointment of the receiver; and

(b) by the same or a subsequent instruction in writing, withdraw the authority, or purported authority, of the agent, and of any other persons authorised, or purported to be authorised, by the agent, to sign cheques or other authorities for the payment of moneys out of the trust account.

(2) Where, by a notice given under subsection (1), the receiver has withdrawn the authority, or purported authority, of the agent, and of any other persons authorised, or purported to be authorised, by the agent, to sign cheques or other authorities for the payment of moneys out of the trust account:

(a) the branch of the ADI or Territory Insurance Office shall not, except with the approval of the receiver, pay any moneys out of the trust account on cheques or other authorities signed by the agent or any other person authorised, or purported to be authorised, by the agent; and

(b) only the receiver and a person authorised by the receiver by notice in writing delivered to the branch of the ADI or Territory Insurance Office are authorised to sign cheques or other authorities for the payment of moneys out of the account.

(3) A purported payment of moneys out of an account in contravention of subsection (2) is of no effect.

(4) The receiver shall cause a copy of an instrument given under this section to be served on the agent either:

(a) personally; or

(b) by leaving it at the last-known place of residence of the agent.