sec.262Freezing land trust’s accounts

sec.262 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. s 262 ins 2011 No. 26 s 78 amd 2013 No. 23 s 352 sch 1 pt 1 (sec.262-ssec.1) 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. (sec.262-ssec.2) 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. (sec.262-ssec.3) 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.

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