Protection of trust money
18 Protection of trust money
The Director may, if he or she considers it necessary to do so to protect trust money held by a conveyancer, serve on an authorised deposit-taking institution in which the conveyancer maintains a trust account a notice, signed by the Director, that – gives details of the trust account; and instructs the authorised deposit-taking institution that, until the Director otherwise directs, it is not to permit any withdrawal to be made from the account without the Director's written consent.
An authorised deposit-taking institution must comply with an instruction contained in a notice served on it under subsection (1). Fine not exceeding 50 penalty units.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.