73Notice to ADI

73 Notice to ADI (1) A receiver appointed under this Part may: (a) in writing, give to the manager or other officer in charge of the branch of the ADI at which the agent maintains or has maintained the agent's trust account, notice of the appointment of the receiver; and (b) by the same or a subsequent instruction in writing, withdraw the authority, or purported authority, of the agent, and of any other persons authorised, or purported to be authorised, by the agent, to sign cheques or other authorities for the payment of moneys out of the trust account. (2) If, by a notice given under subsection (1), the receiver has withdrawn the authority, or purported authority, of the agent, and of any other persons authorised, or purported to be authorised, by the agent, to sign cheques or other authorities for the payment of moneys out of the trust account: (a) the branch of the ADI must not, except with the approval of the receiver, pay any moneys out of the trust account on cheques or other authorities signed by the agent or any other person authorised, or purported to be authorised, by the agent; and (b) only the receiver and a person authorised by the receiver by written notice delivered to the branch of the ADI are authorised to sign cheques or other authorities for the payment of moneys out of the account. (3) A purported payment of moneys out of an account in contravention of subsection (2) is of no effect.

Agents Licensing Act 1979 56 (4) The receiver must cause a copy of an instrument given under this section to be served on the agent either: (a) personally; or (b) by leaving it at the last-known place of residence of the agent.