New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) In any case to which this section applies, the District Council may serve on any banker of whom the solicitor is a customer a notice, signed by 2 members of the District Council, requiring the banker to pay to the District Law Society all money held by the banker in any trust account of the solicitor.
(2) On receipt of the notice, the banker shall forthwith pay to the District Law Society all money held by him in any trust account of the solicitor; and the receipt of the District Law Society shall be a complete discharge to the banker from all liability in respect of the money.
(3) On receipt of the money, the District Council shall forthwith cause it to be paid into a separate account at such bank as the District Council appoints; and that account may be operated on by such 2 or more persons as the District Council appoints in that behalf.
(4) Where any money that was held by the solicitor on behalf of any person is paid to the District Law Society under this section, the money shall be held by the District Law Society in trust for that person.
(5) Any person claiming to be adversely affected by any payment to the District Law Society under this section, and, if the money was paid from the trust account of a deceased solicitor, the executors or administrators of the deceased solicitor or any person claiming to be entitled to a grant of probate or letters of administration of his estate, may at any time apply to the Court for an order directing the District Law Society to repay the money into the bank account from which it was paid or for such order as the Court thinks fit; and, on hearing any such application, the Court may make such order as it thinks fit.
(6) Subject to subsection (7) of this section, and to any order of the Court made under any provision of this Part of this Act, the District Council may at any time in its discretion repay the money or any part of it into the bank account from which it was paid.
(7) If the case is one to which paragraph (a) or paragraph (b) of section 81 of this Act applies, the money shall, subject to subsection (4) of this section and to any order of the Court made under any provision of this Part of this Act, be held by the District Council on behalf of and subject to the general or special directions of the Management Committee of the Solicitors' Fidelity Guarantee Fund.
Compare: 1955 No 101 ss 73(1), (2), (6), (7), 74(2)-(8)
