Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf a cheque that has been lodged with a financial institution (the collecting financial institution ) for collection is taken to be dishonoured under section 70A (the deemed dishonour ) then:
(a) the deemed dishonour has the same consequences as if the cheque had been duly presented for payment and had been dishonoured in accordance with section 69; and
(b) if the cheque has not been duly presented for payment, the requirement in section 66 to duly present the cheque for payment does not apply; and
(c) if the collecting financial institution has made a provisional credit to an account in respect of the cheque, it may reverse that provisional credit; and
(d) if the drawee institution has made a provisional debit to an
account in respect of the cheque, the provisional debit is taken to be
reversed , by force of this section, immediately after the deemed dishonour.