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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 55C
Directions to financial institutions
55C Directions to financial institutions
(1) The commissioner may, by written notice, require a financial institution
to comply with a direction that an amount not be withdrawn from a stated trust
account without the commissioner’s written approval.
(2) The direction must
include the information prescribed by regulation.
(3) If the commissioner
gives a financial institution a direction under subsection (1) — (a) the
commissioner must give a copy of the direction to the relevant trustee; and
(b) the commissioner may end or withdraw the direction by giving written
notice of the matter to each entity given the direction or a copy of the
direction.
(4) The financial institution must comply with the direction
within the period stated in the notice unless the direction is withdrawn.
Penalty— Maximum penalty—50 penalty units.
(5) Subsection (4)
applies despite any duty of confidence to the contrary.
(6) Neither the
financial institution, nor an officer or employee of the institution, is
liable to any action for loss or damage suffered by a person as a result of
complying with the direction.
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