111Stop order on account

#### 111 Stop order on account 111 Stop order on account > > (1) A receiver who believes on reasonable grounds that money held in an account with an authorised deposit-taking institution is receivable property may serve on the institution concerned an order (in this section referred to as a stop order) prohibiting operations on the account by any person other than the receiver or a person authorised by 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 authorised deposit-taking institution at which the account is kept, but has no effect unless there is annexed to it a copy of the order appointing the receiver. > > > (3) An authorised deposit-taking institution served with a stop order— > > > > > (a) must permit the receiver, or a person authorised by the receiver, to operate on the account to which the order relates, and > > > > > (b) must not permit any withdrawal from the account otherwise than by, or by the authority of, the receiver. > > > (4) A receiver may transfer money from an account the subject of a stop order to another account with the authorised deposit-taking institution in the name of the receiver to be dealt with as receivable property. > > > (5) The authorised deposit-taking institution 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 such an account is transferred, > > > > as if the receiver were the relevant licensee or relevant associate.