17Receipt for certain money

17 Receipt for certain money

17 Receipt for certain money

A receipt for money paid to a corporation that:

(a) is executed under the seal of the corporation, or

(b) is in writing signed by not less than 3 members of the corporation, or

(c) is in writing signed by a person or persons purporting to be duly authorised for the purpose by the corporation,

exonerates the person by whom or on whose behalf the money is paid from any liability for the loss, misapplication or non-application of the money.