54Provisions relating to ADI accounts

54 Provisions relating to ADI accounts (1) If a trust account is maintained at an ADI, the ADI is not under an obligation to control or supervise transactions in relation to the trust account or to verify the application by the agent of moneys drawn out of the account. (2) Subsection (1) does not authorise an ADI to pay money out of a trust account except by the means mentioned in section 52(3). (3) With respect to any liability of the agent to the ADI at which the agent maintains a trust account, the ADI does not have and will not have and will not obtain, a recourse or right, whether by way of settlement, counter-claim, charge or otherwise, against moneys standing to the credit of the trust account. (4) This section does not relieve an ADI from a liability or obligation to which it is subject apart from this Act.