Queensland Consolidated Acts

AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 44

44 Financial institution must comply with direction

(1) After a direction has been given to a financial institution under section 42 (2) , and until it is withdrawn, the financial institution must not—

(a) pay a cheque or other instrument drawn on the account stated in the direction unless the cheque or instrument is also signed by the chief executive; or

(b) give effect to another transaction on the account that is not authorised because of the direction.

Penalty—

Maximum penalty—

(a) for an individual guilty of an offence under chapter 2 of the Criminal Code —200 penalty units or 1 year’s imprisonment; or

(b) for a corporation—1,000 penalty units.

(2) Subsection (1) applies whether or not a copy of the direction has been given to anyone else.

(3) For section 42 (2) (b) , the chief executive’s signature on the cheque or other instrument is sufficient evidence of the chief executive’s approval to draw an amount from the account to honour the cheque or other instrument.

(4) A manager or principal officer in charge of an office or branch of the financial institution where the account is kept, or another officer of the financial institution, must not knowingly contravene this section.

Penalty—

Maximum penalty—200 penalty units or 1 year’s imprisonment.

(5) A person to whom a direction is given does not incur a civil liability to another only because the person complies with the direction.