Victorian Consolidated Legislation

Conveyancers Act 2006 - SECT 70

Manner of withdrawal of trust money from general trust account

70. Manner of withdrawal of trust money from general trust account



(1) A licensee must not withdraw trust money from a general trust account
otherwise than by cheque or electronic funds transfer.

Penalty: 120 penalty units.

(1A) Without limiting subsection (1), the following are specifically
prohibited-

   (a)  cash withdrawals;

   (b)  automatic teller machine withdrawals or transfers;

   (c)  telephone banking withdrawals or transfers.

(2) The regulations may make provision for or with respect to withdrawals by
cheque or electronic funds transfer.

(3) This section has effect despite anything to the contrary in any directions
given to the licensee, even if the directions are given by a person who is
otherwise legally entitled to give the licensee directions in respect of
dealings with trust money.