(5) Save as otherwise expressly provided in this Act a S. 59(5) financial institution shall not be under any amended by No. 29/1989 obligation to control or supervise the operations s. 15(c). upon a trust account of any agent or to see to the application by the agent of any money drawn out of the trust account. (5A) Notwithstanding anything contained in this Act or S. 59(5A) inserted by in any regulation law rule or practice to the No. 10028 contrary, the manager of a financial institution s. 33(b), amended by with which an estate agent holds a trust account Nos 29/1989 shall advise the Director of any overdrawing in s. 15(d), 86/1994 that account as soon as he knows of it. s. 47(zl), 52/1998 s. 95. S. 59(6) (6) It shall not be necessary for any agent's amended by representative to pay money received by him into Nos 29/1989 s. 15(e), a financial institution to a trust account pursuant 86/1994 to this section; but every agent's representative s. 47(zm) shall pay forthwith to the licensed estate agent for (i)–(iii). whom he is acting as an agent's representative or to a trust account specified by the agent all money received from or on behalf of any person by the agent's representative in respect of any transaction in his capacity of agent's representative for the licensed estate agent. (7) Every estate agent shall— S. 59(7) amended by No. 1/2010 s. 13(3). S. 59(7)(a) (a) within 14 days of the opening of any trust amended by account under this section, notify the Nos 10028 s. 33(c), Director in writing of the existence, name 29/1989 and number of that account and the address s. 15(f), of the branch of the financial institution at 86/1994 s. 47(zl), which that account is held; 52/1998 s. 95.
S. 59(5) amended by No. 29/1989 s. 15(c). (5) Save as otherwise expressly provided in this Act a financial institution shall not be under any obligation to control or supervise the operations upon a trust account of any agent or to see to the application by the agent of any money drawn out of the trust account. S. 59(5A) inserted by No. 10028 s. 33(b), amended by Nos 29/1989 s. 15(d), 86/1994 s. 47(zl), 52/1998 s. 95. (5A) Notwithstanding anything contained in this Act or in any regulation law rule or practice to the contrary, the manager of a financial institution with which an estate agent holds a trust account shall advise the Director of any overdrawing in that account as soon as he knows of it. S. 59(6) amended by Nos 29/1989 s. 15(e), 86/1994 s. 47(zm) (i)–(iii). (6) It shall not be necessary for any agent's representative to pay money received by him into a financial institution to a trust account pursuant to this section; but every agent's representative shall pay forthwith to the licensed estate agent for whom he is acting as an agent's representative or to a trust account specified by the agent all money received from or on behalf of any person by the agent's representative in respect of any transaction in his capacity of agent's representative for the licensed estate agent. S. 59(7) amended by No. 1/2010 s. 13(3). (7) Every estate agent shall— S. 59(7)(a) amended by Nos 10028 s. 33(c), 29/1989 s. 15(f), 86/1994 s. 47(zl), 52/1998 s. 95. (a) within 14 days of the opening of any trust account under this section, notify the Director in writing of the existence, name and number of that account and the address of the branch of the financial institution at which that account is held;
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