sec.42Chief executive may give directions about agent’s accounts in particular cases

### sec.42 Chief executive may give directions about agent’s accounts in particular cases The chief executive may decide to give a direction under subsection (2) if the chief executive believes, on reasonable grounds— any of the following persons has, or may have, stolen or misappropriated or misapplied trust money— an agent; the person in charge of an agent’s business; an employee of an agent; or an agent has abandoned the agent’s business. The chief executive may direct, by signed writing— if a claim has been made against the fund for the trust money—that all or part of the amount to the credit of a stated account be paid to the chief executive; or that an amount must not be drawn from a stated account other than with the chief executive’s written approval; or that a stated account may be operated only under stated conditions. The direction must— be given to each 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) (c) , state the conditions under which the account may be operated. If an amount is paid to the chief executive under subsection (2) (a) , the chief executive must pay the amount to the consolidated fund. (sec.42-ssec.1) The chief executive may decide to give a direction under subsection (2) if the chief executive believes, on reasonable grounds— any of the following persons has, or may have, stolen or misappropriated or misapplied trust money— an agent; the person in charge of an agent’s business; an employee of an agent; or an agent has abandoned the agent’s business. (sec.42-ssec.2) The chief executive may direct, by signed writing— if a claim has been made against the fund for the trust money—that all or part of the amount to the credit of a stated account be paid to the chief executive; or that an amount must not be drawn from a stated account other than with the chief executive’s written approval; or that a stated account may be operated only under stated conditions. (sec.42-ssec.3) The direction must— be given to each 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) (c) , state the conditions under which the account may be operated. (sec.42-ssec.4) If an amount is paid to the chief executive under subsection (2) (a) , the chief executive must pay the amount to the consolidated fund. - (a) any of the following persons has, or may have, stolen or misappropriated or misapplied trust money— (i) an agent; (ii) the person in charge of an agent’s business; (iii) an employee of an agent; or - (i) an agent; - (ii) the person in charge of an agent’s business; - (iii) an employee of an agent; or - (b) an agent has abandoned the agent’s business. - (i) an agent; - (ii) the person in charge of an agent’s business; - (iii) an employee of an agent; or - (a) if a claim has been made against the fund for the trust money—that all or part of the amount to the credit of a stated account be paid to the chief executive; or - (b) that an amount must not be drawn from a stated account other than with the chief executive’s written approval; or - (c) that a stated account may be operated only under stated conditions. - (a) be given to each 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) (c) , state the conditions under which the account may be operated.