Manner of withdrawal of controlled money from controlled money account
72 Manner of withdrawal of controlled money from controlled money account
S. 72(1) amended by No. 17/2007 s. 22(4).
A licensee must not withdraw controlled money from a controlled money account otherwise than by cheque or electronic funds transfer.
- 120 penalty units.
S. 72(1A) inserted by No. 17/2007 s. 22(5).
Without limiting subsection (1), the following are specifically prohibited—
cash withdrawals;
automatic teller machine withdrawals or transfers;
telephone banking withdrawals or transfers.
The regulations may make provision for or with respect to withdrawals by cheque or electronic funds transfer.
This section has effect despite anything to the contrary in any directions given to the licensee, even if the directions are given by a person who is otherwise legally entitled to give the licensee directions in respect of dealings with trust money.
This provision refers to the regulations (The regulations may make
). Made under this Act:
- Conveyancers (Fees) Regulations 2018 · under section 188
- Conveyancers (Professional Conduct) Regulations 2018 · under section 188
- Conveyancers (Qualifications and Experience) Regulations 2018 · under section 188
1 more instrument made under this Act are listed on the Act’s overview.
This Act’s bill:Explanatory memorandumSecond reading speech
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