sec.55CDirections to financial institutions

### sec.55C Directions to financial institutions The commissioner may, by written notice, require a financial institution to comply with a direction that an amount not be withdrawn from a stated trust account without the commissioner’s written approval. The direction must include the information prescribed by regulation. If the commissioner gives a financial institution a direction under subsection (1) — the commissioner must give a copy of the direction to the relevant trustee; and the commissioner may end or withdraw the direction by giving written notice of the matter to each entity given the direction or a copy of the direction. The financial institution must comply with the direction within the period stated in the notice unless the direction is withdrawn. Maximum penalty—50 penalty units. Subsection (4) applies despite any duty of confidence to the contrary. Neither the financial institution, nor an officer or employee of the institution, is liable to any action for loss or damage suffered by a person as a result of complying with the direction. s 55C ins 2020 No. 24 s 63 (sec.55C-ssec.1) The commissioner may, by written notice, require a financial institution to comply with a direction that an amount not be withdrawn from a stated trust account without the commissioner’s written approval. (sec.55C-ssec.2) The direction must include the information prescribed by regulation. (sec.55C-ssec.3) If the commissioner gives a financial institution a direction under subsection (1) — the commissioner must give a copy of the direction to the relevant trustee; and the commissioner may end or withdraw the direction by giving written notice of the matter to each entity given the direction or a copy of the direction. (sec.55C-ssec.4) The financial institution must comply with the direction within the period stated in the notice unless the direction is withdrawn. Maximum penalty—50 penalty units. (sec.55C-ssec.5) Subsection (4) applies despite any duty of confidence to the contrary. (sec.55C-ssec.6) Neither the financial institution, nor an officer or employee of the institution, is liable to any action for loss or damage suffered by a person as a result of complying with the direction. - (a) the commissioner must give a copy of the direction to the relevant trustee; and - (b) the commissioner may end or withdraw the direction by giving written notice of the matter to each entity given the direction or a copy of the direction.