CONVEYANCERS ACT 2006 - SECT 99 Dealings with trust accounts during statutory management
CONVEYANCERS ACT 2006 - SECT 99
Dealings with trust accounts during statutory management(1) If a statutory manager is appointed in respect of a conveyancing business under this Part, the Director must serve a copy of the instrument of appointment of the statutory manager on each ADI at which the relevant conveyancing business has a trust account under this Act.
(2) If the Director serves a copy of an instrument of appointment of a statutory manager on an ADI, the ADI must not allow any funds to be withdrawn or transferred from a trust account held under this Act at the ADI by the relevant conveyancing business unless the withdrawal or transfer is made—
(a) by cheque or other instrument drawn on the account signed by the statutory manager or a person authorised by the statutory manager; or
(b) by the statutory manager by means of electronic or Internet banking facilities; or
(c) in accordance with an authority to withdraw or transfer funds from the account signed by the statutory manager or a person authorised by the statutory manager.
(3) A statutory manager may, for the purposes of subsection (2)(b), enter into arrangements with an ADI for withdrawing money from a trust account of the relevant conveyancing business by means of electronic or Internet banking facilities.
(4) Any money that is withdrawn or transferred in contravention of subsection (2) may be recovered from the relevant ADI by the statutory manager as a debt in a court of competent jurisdiction, and any amount recovered is to be paid into a trust account as directed by the statutory manager.