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PROPERTY AND STOCK AGENTS ACT 2002 - SECT 144
Stop order on account
144 Stop order on account
(1) A receiver who believes on reasonable grounds that money held in an
account with an authorised deposit-taking institution is receivable property
may serve on the institution concerned an order (in this section referred to
as a stop order) prohibiting operations on the account by any person other
than the receiver or a person authorised by the receiver.
(2) A stop order
may be served by leaving it with the manager, accountant or other person
appearing to be in charge at the branch of the authorised deposit-taking
institution at which the account is kept, but has no effect unless there is
annexed to it a copy of the order appointing the receiver.
(3) An authorised
deposit-taking institution served with a stop order-- (a) must permit the
receiver, or a person authorised by the receiver, to operate on the account to
which the order relates, and
(b) must not permit any withdrawal from the
account otherwise than by, or by the authority of, the receiver.
(4) A
receiver may transfer money from an account the subject of a stop order to
another account with the authorised deposit-taking institution in the name of
the receiver to be dealt with as receivable property.
(5) The authorised
deposit-taking institution has the same obligations and protections-- (a) in
relation to an account the subject of a stop order, and
(b) in relation to an
account to which money in such an account is transferred,
as if the receiver
were the relevant licensee or relevant associate.
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