(a) to a conveyancer, an estate agent or legal S. 25(1)(a) practitioner acting for the vendor; or amended by Nos 35/1996 s. 453(Sch. 1 item 73.6(a)(i)), 75/2006 s. 192(Sch. 2 item 5.7). (b) into a special purpose account in an S. 25(1)(b) amended by authorised deposit-taking institution in to be Nos 35/1996 nominated by the vendor in the joint names s. 453(Sch. 1 item 73.6(a) of the purchaser and the vendor. (ii)), 11/2001 s. 3(Sch. item 67.3(a)). (2) An account established under this section may S. 25(2) amended by be drawn upon only with the signature of No. 9471 both vendor and purchaser or the personal s. 4(b). representative of the vendor or purchaser (as the case may be). (3) Nothing in this section shall impose any S. 25(3) amended by additional liability upon the authorised Nos 35/1996 deposittaking institution in respect of any s. 453(Sch. 1 item 73.6(b)), money deposited pursuant to this section. 11/2001 s. 3(Sch. item 67.3(b)). (4) Where a vendor or purchaser fails to comply with S. 25(4) amended by any of the provisions of this section he shall be No. 9554 guilty of an offence against this Act and liable to a s. 2(2)(Sch. 2 item 290). penalty of not more than 10 penalty units. 26 Application of deposit moneys where contract New s. 26 inserted by rescinded No. 9423 s. 2(2), (1) Notwithstanding sections 24 and 25, where in a amended by No. 9471 transaction for the sale of land— s. 5(a). (a) the vendor rescinds the contract as the result of a default by the purchaser, the vendor shall be immediately entitled to be paid the deposit moneys in his own right; or (b) the purchaser rescinds the contract as the result of a default by the vendor, the
S. 25(1)(a) amended by Nos 35/1996 s. 453(Sch. 1 item 73.6(a)(i)), 75/2006 s. 192(Sch. 2 item 5.7). (a) to a conveyancer, an estate agent or legal practitioner acting for the vendor; or S. 25(1)(b) amended by Nos 35/1996 s. 453(Sch. 1 item 73.6(a) (ii)), 11/2001 s. 3(Sch. item 67.3(a)). (b) into a special purpose account in an authorised deposit-taking institution in to be nominated by the vendor in the joint names of the purchaser and the vendor. S. 25(2) amended by No. 9471 s. 4(b). (2) An account established under this section may be drawn upon only with the signature of both vendor and purchaser or the personal representative of the vendor or purchaser (as the case may be). S. 25(3) amended by Nos 35/1996 s. 453(Sch. 1 item 73.6(b)), 11/2001 s. 3(Sch. item 67.3(b)). (3) Nothing in this section shall impose any additional liability upon the authorised deposittaking institution in respect of any money deposited pursuant to this section. S. 25(4) amended by No. 9554 s. 2(2)(Sch. 2 item 290). (4) Where a vendor or purchaser fails to comply with any of the provisions of this section he shall be guilty of an offence against this Act and liable to a penalty of not more than 10 penalty units. New s. 26 inserted by No. 9423 s. 2(2), amended by No. 9471 s. 5(a). 26 Application of deposit moneys where contract rescinded (1) Notwithstanding sections 24 and 25, where in a transaction for the sale of land— (a) the vendor rescinds the contract as the result of a default by the purchaser, the vendor shall be immediately entitled to be paid the deposit moneys in his own right; or (b) the purchaser rescinds the contract as the result of a default by the vendor, the