New South Wales Consolidated Acts
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PROPERTY AND STOCK AGENTS ACT 2002 - SECT 118
Secretary may freeze licensee's accounts in particular cases
118 Secretary may freeze licensee's accounts in particular cases
(1) A direction under this Division may be given when it appears to the
Secretary that any of the following persons has, or may have, stolen,
misappropriated or misapplied trust money-- (a) a licensee,
(b) the person in
charge of a licensee's business at a place,
(c) an employee of a licensee,
(d) any other person connected or formerly connected with a licensee.
(2) The
Secretary may by direction in writing direct that-- (a) if a claim has been
made against the Fund concerning the trust money, all or part of the amount to
the credit of a specified account be paid to the Secretary, or
(b) an amount
must not be drawn from a specified account other than with the Secretary's
written approval, or
(c) a specified account may be operated only under
specified conditions.
(3) The direction must be given to each holder of the
account and the financial institution at which the account is kept, and must
identify the account to which it relates.
(4) Any amount paid to the
Secretary pursuant to such a direction must be paid into the Fund.
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