59
In forceDishonoured cheques
Part 5Trust money
Division 3Responsibilities of authorised deposit-taking institutions
59 Dishonoured cheques
Within 5 business days of an authorised deposit-taking institution becoming aware that a cheque presented on a trust account kept with it under this Part has been dishonoured, the institution must, by notice in writing, inform the Secretary of the following—
(a)
the name and business address of the licensee concerned,
(b)
the name and number of the account,
(c)
the amount of the dishonour,
(d)
the date on which the cheque was dishonoured.
Maximum penalty—100 penalty units.
This Act’s bill:Explanatory memorandumSecond reading speech
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