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.