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CONVEYANCERS LICENSING ACT 2003 - SECT 83
Financial institution must comply with direction
(1) A financial institution to which a direction under this Division is given
(whether or not the direction has been given to anyone else) must not, while
the direction is in force-- (a) pay a cheque or other instrument drawn on the
account concerned unless the cheque or instrument is also signed by the
Secretary or a person authorised by the Secretary for the purposes of this
section, or
(b) give effect to another transaction on the account that is not
authorised because of the direction.
: Maximum penalty--500 penalty units.
(2) The signature of the Secretary or authorised person on a cheque or other
instrument is sufficient evidence of the Secretary's approval to draw an
amount from the account to honour the cheque or other instrument.
(3) A
manager or principal officer in charge of an office or branch of the financial
institution where an account is kept, or another officer of the financial
institution, must not knowingly permit a contravention of this section by the
financial institution. : Maximum penalty--100 penalty units or imprisonment
for 12 months, or both.
(4) A person to whom a direction is given does not
incur a civil liability to another person by reason only of complying with the
direction.
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