South Australian Current Acts South Australian Current Acts19A—Power of fiduciaries as to cheques
(1) Where two or more
persons in a fiduciary position (other than trustees under a will, settlement
or other instrument) have deposited with an ADI moneys which have been
received by them as such fiduciaries, it shall be lawful for the ADI, when so
authorised by those persons—
(a) to
pay cheques drawn on the ADI by any one or more of them or by any agent
authorised by them:
(b) to
recognise as a valid endorsement upon any bill of exchange or promissory note
payable to the order of such persons, an endorsement by any one or more of
them or by any agent authorised by them.
(2) Where any person
in a fiduciary position (other than a trustee under a will, settlement or
other instrument) has deposited with an ADI moneys which have been received by
him as such fiduciary, it shall be lawful for the ADI when so authorised by
that person—
(a) to
pay cheques drawn on the ADI by any agent authorised by the said person:
(b) to
recognise as a valid endorsement on any bill of exchange or promissory note
payable to the order of the said person an endorsement by any agent authorised
by him.
(3) Nothing in this
section contained shall affect any liability of any person in a fiduciary
position to any person towards whom he is in a fiduciary position.
(4) This section shall
not be construed so as to limit in any way the operation of section 19.