Freezing land trust’s accounts
168 Freezing land trust’s accounts
The chief executive may give a direction under subsection (2) if, on considering a report on an audit of a land trust’s accounts, it appears to the chief executive that—
the land trust, a member of the land trust or another person has, or may have, stolen, misappropriated or misapplied trust money; or
the accounts of the land trust are not being kept appropriately.
The chief executive may direct, by a notice, that—
an amount must not be drawn from a stated account other than with the chief executive’s approval; or
a stated account may be operated only under stated conditions.
The direction must—
be given to the holder of the account and the financial institution where the account is kept; and
state the account to which it relates; and
if it includes a direction under subsection (2)(b), state the conditions under which the account may be operated.
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