Power to freeze bank accounts
97C.—(1)  Where the Minister is satisfied that it is necessary to prevent the loss or misuse of the funds of a society, the Minister may, by order, direct a financial institution not to do either of the following for a specified period not exceeding 3 months:
(a)pay any money out of the account of the society;
(b)pay any cheque drawn on the account of the society.
[3/2018]
(2)  A financial institution that complies with an order of the Minister under subsection (1) is not liable to any other person in respect of a payment prohibited by the order.
[3/2018]
(3)  Any financial institution that contravenes an order of the Minister under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.
[3/2018]
(4)  In this section, “financial institution” means —
(a)a bank licensed under the Banking Act 1970;
(b)a finance company licensed under the Finance Companies Act 1967; or
(c)a society (other than the society mentioned in subsection (1)) that is a credit society.
[3/2018]