Conveyancing Act 2004
18Protection of trust money
Start here
Get a plain-English read of 18
Turn the raw legal text into a practical explanation grounded in Conveyancing Act 2004.
18 Protection of trust money
(1) The Director may, if he or she considers it necessary to do so to protect trust money held by a conveyancer, serve on an authorised deposit-taking institution in which the conveyancer maintains a trust account a notice, signed by the Director, that –
(a) gives details of the trust account; and
(b) instructs the authorised deposit-taking institution that, until the Director otherwise directs, it is not to permit any withdrawal to be made from the account without the Director's written consent.
(2) An authorised deposit-taking institution must comply with an instruction contained in a notice served on it under subsection (1) .
Penalty: Fine not exceeding 50 penalty units.