29Signing of cheques or effecting electronic funds transfers—trust account—the Act, s 172

#### 29 Signing of cheques or effecting electronic funds transfers—trust account—the Act, s 172 29 Signing of cheques or effecting electronic funds transfers—trust account—the Act, s 172 > > (1) A licensee that is a corporation, or who is a sole proprietor or a partner, has authority to— > > > > > (a) sign a cheque (a trust cheque) drawn on the licensee’s trust account, or > > > > > (b) to effect an electronic funds transfer (a trust EFT) from the licensee’s trust account. > > > (2) A licensee in charge of a place of business has authority to— > > > > > (a) sign a trust cheque, or > > > > > (b) effect a trust EFT. > > > (3) A licensee who has authority, other than under a delegation, to sign trust cheques or effect trust EFTs may delegate the licensee’s authority— > > > > > (a) if the licensee is a corporation— > > > > > > > (i) to 1 or more persons who are directors of the corporation and who are licensees, and > > > > > > > (ii) to not more than 2 employees at each place of business of the corporation, or > > > > > (b) if the licensee is a sole proprietor or a partner—to not more than 2 employees at each place of business of the sole proprietor or partnership, or > > > > > (c) if the licensee is a person in charge of a place of business—to not more than 2 employees at the place of business. > > > (4) The delegation must be— > > > > > (a) in writing, and > > > > > (b) signed by the licensee and the delegate. > > > (5) The delegation may be revoked by the delegator by giving written notice to the delegate. > > > (6) A delegation in force authorises the delegate to sign trust cheques or effect trust EFTs to which the delegation relates— > > > > > (a) for a delegation by a licensee other than a corporation—only if the licensee is unable to sign the cheque or effect the transfer with due expedition because the licensee is sick, injured or absent for good reason, and > > > > > (b) subject to any terms and conditions, whether relating to the value of the cheques or transfers or the number of signatories, stated in the instrument of delegation. > > > (7) This section does not affect any additional prohibition or restriction on the signing of trust cheques or the effecting of trust EFTs imposed by— > > > > > (a) the constitution of any relevant company, or > > > > > (b) the partnership agreement of any relevant partnership. > > > (8) A licensee who purports to delegate the licensee’s authority to sign a trust cheque or effect a trust EFT other than in accordance with this section is guilty of an offence. > > > > Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual. > > > (9) A person who signs a trust cheque or effects a trust EFT purporting to do so as the delegate of a licensee but who has not been authorised to do so in accordance with this section is guilty of an offence. > > > > Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.