Victorian Consolidated Legislation

Conveyancers Act 2006 - SECT 72

Manner of withdrawal of controlled money from controlled money account

72. Manner of withdrawal of controlled money from controlled money account



(1) A licensee must not withdraw controlled money from a controlled money
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.