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Rules of Practice 1994 (S.R. 1994, No. 229)
Requested:  28 Mar 2017
Consolidated as at:  17 Mar 2006

37. Withdrawal of money

(1) A firm must not withdraw money from a trust bank account for or on behalf of a client unless –

(a) money amounting to at least the amount withdrawn is held in that account at the time of that withdrawal –

(i) in the trust bank account to the credit of that client; or

(ii) in the possession of the firm for payment into the trust bank account to the credit of that client; or

(iii) in the trust bank account identifiable by details recorded in the trust ledger account as being money to which that client is entitled; or

(b) that withdrawal arises from the debiting of a cheque which has been properly used to obtain a bank cheque on behalf of that client while that bank cheque remains in the possession of the firm pending its proper disposition.

(2) A firm must not retain a bank cheque drawn under subrule (1) for a period exceeding 2 banking days.

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