119Stop order on account

119 Stop order on account (1) A receiver who believes on reasonable grounds that money held in an account with an ADI is receivable property may serve on the ADI an order (a ***stop order***) prohibiting operations on the account by any person other than the receiver. (2) A stop order may be served by leaving it with the manager, accountant or other person appearing to be in charge at the branch of the ADI at which the account is kept, but has no effect unless there is annexed to it a copy of the order of appointment of the receiver. (3) An ADI served with a stop order must only permit the receiver, or a person authorised by the receiver, to access, or make a withdrawal or transfer from, the account to which the order relates. (4) A receiver may transfer money from an account the subject of a stop order to another account with the ADI in the name of the receiver to be dealt with as receivable property. (5) The ADI has the same obligations and protections— (a) in relation to an account the subject of a stop order; and (b) in relation to an account to which money in an account the subject of a stop order is transferred— as if the receiver were the relevant licensee or a relevant associate. (6) Any money that is withdrawn or transferred in contravention of subsection (3) may be recovered from the relevant ADI by the receiver as a debt in a court of competent jurisdiction, and any amount recovered is to be paid into a trust account as directed by the receiver.