122Dealings with trust account

122 Dealings with trust account

(1)  A receiver appointed in respect of the trust money of a property agent may serve on an authorised deposit-taking institution where the property agent maintains a trust account a notice, with a copy of the order of the magistrate appointing the receiver attached to it, that instructs the institution not to permit any withdrawal to be made from the trust account except by the receiver.

(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 500 penalty units.