Victorian Current Acts Victorian Current ActsS. 70(1) amended by No. 17/2007 s. 22(2).
(1) A licensee must not withdraw trust money from a general trust account otherwise than by cheque or electronic funds transfer.
Penalty: 120 penalty units.
S. 70(1A) inserted by No. 17/2007 s. 22(3).
(1A) Without limiting subsection (1), the following are specifically prohibited—
(a) cash withdrawals;
(b) automatic teller machine withdrawals or transfers;
(c) telephone banking withdrawals or transfers.
(2) The regulations may make provision for or with respect to withdrawals by cheque or electronic funds transfer.
(3) This section has effect despite anything to the contrary in any directions given to the licensee, even if the directions are given by a person who is otherwise legally entitled to give the licensee directions in respect of dealings with trust money.