s 263
In forceFinancial institution must comply with direction
Part 20Provisions about land trusts
Division 5Freezing accounts of land trusts
263 Financial institution must comply with direction
(1)
After the direction is given to a financial institution, and until it is withdrawn, the financial institution must not—
(a)
pay a cheque or other instrument drawn on the account stated in the direction unless the cheque or instrument is also signed by the chief executive; or
(b)
give effect to another transaction on the account that is not authorised because of the direction.
Maximum penalty—100 penalty units.
(2)
For section 262(2)(a), the chief executive’s signature on the cheque or instrument is sufficient evidence of the chief executive’s approval to draw an amount from the account to honour the cheque or instrument.
Research tools for this sectionPro
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.