(1)  A property agent who makes a payment of trust money by electronic funds transfer must ensure that –

(a) a written authority authorising the payment has been given by the person on whose behalf the payment has been made; and

(b) the transfer is authorised by –

(i) the person in charge of the business premises at which the payment is made; or

(ii) a person acting for or on behalf of the person in charge of those business premises with the approval of the person in charge.

(2)  An authorisation under subregulation (1)(a) is to specify –

(a) the authorised deposit-taking institution; and

(b) the account name; and

(c) the account number; and

(d) the purpose of the payment.

Penalty:  Fine not exceeding 50 penalty units.