Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 76

Person in receipt or control of money for absentee

76. Person in receipt or control of money for absentee

The following provisions shall, subject to this Act, apply with respect to
every person who has the receipt, control or disposal of money belonging to a
person resident out of Victoria, who is liable to pay duty under this Act-

   (a)  he shall when required by the Commissioner pay the duty due and
        payable by the person on whose behalf he has the receipt, control or
        disposal of money;

   (b)  where he pays duty in accordance with paragraph (a) he is hereby
        authorized to recover the amount so paid from the person on whose
        behalf he paid it or to deduct it from any money in his hands
        belonging to that person;

   (c)  he is hereby authorized and required to retain from time to time out
        of any money which comes to him on behalf of the person resident out
        of Victoria so much as is sufficient to pay the duty which is or will
        become due by that person;

   (d)  he is hereby made personally liable for the duty payable by him on
        behalf of the person resident out of Victoria after the duty becomes
        payable or if, after the Commissioner has required him to pay the
        duty, he, except with the written permission of the Commissioner,
        disposes of or parts with any fund or money then in his possession, or
        which comes to him from or out of which the duty could legally be
        paid, but he shall not be otherwise personally liable for the duty;

   (e)  he is hereby indemnified for all payments which he makes in pursuance
        of this Act or in accordance with the requirements of the
        Commissioner.



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