Freezing of trust accounts of defaulting agents
89 Freezing of trust accounts of defaulting agents
S. 89 substituted by No. 9500 s. 19, amended by No. 10028 s. 49(a)–(c).
S. 89(1) amended by No. 29/1989 s. 19(4).
Where—
a claim has been made against the Fund in relation to any person who is or was an estate agent; or
S. 89(1)(b) amended by Nos 9925 s. 5(a), 86/1994 s. 47(zza), 52/1998 s. 104(1).
the Minister on the basis of information supplied by the Secretary, has reasonable grounds for believing that a person who is or was an estate agent has contravened any provision of Part VI—
the Minister may by notice in writing to the manager or other principal officer of any authorised financial institution with which that agent has deposited any money in any general or separate trust account direct that any moneys which are or may be required to satisfy any claims against the Fund shall not thenceforth be drawn from that account until further notice, and may further direct that all or any money to the credit of that account which is or may be required to satisfy any claims against the Fund shall be paid into the Fund, and that manager or principal officer shall give effect to all such directions and this section shall be a sufficient authority and indemnity therefor.
S. 89(2) inserted by No. 10028 s. 49(d).
Where the Minister makes a direction under subsection (1) he may further—
S. 89(2)(a) amended by No. 29/1989 s. 23(d).
direct that the estate agent whose trust account was the subject of that direction shall cease to carry on the estate agency business concerned; and
appoint some fit and proper person to carry on the estate agency business.
S. 89(3) inserted by No. 10028 s. 49(d).
A person appointed under subsection (2) shall in carrying on the estate agency business do all things necessary or expedient to be done with a view to the winding-up of that business in the interests of all persons for whom the estate agent was acting.
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