141Notice to authorised deposit-taking institutions

141 Notice to authorised deposit-taking institutions (1) On the appointment of an administrator for an agent, the commissioner for fair trading must give the person in charge of the branch of the authorised deposit-taking institution with which the agent maintains a trust account a written notice–– (a) telling the person about the appointment; and (b) revoking the agent’s authority to withdraw money from the account. (2) The revocation of the agent’s authority to withdraw money from a trust account has the effect that— (a) the agent may no longer withdraw money from the account; and (b) any authority given by the agent to someone else to withdraw money from the account ceases to have effect; and (c) only the administrator, or a person authorised by the administrator by written notice given to the authorised deposit-taking institution, is authorised to withdraw money from the account; and (d) the authorised deposit-taking institution may not pay any money out of the account without the written authority of a person mentioned in paragraph (c). (3) The commissioner for fair trading must give a copy of a notice under subsection (1) to the agent, but a failure to comply with this subsection does not affect the validity of the notice.

(4) In this section: withdraw money, from a trust account, includes sign a cheque drawn on the account.