Payment of conveyancing money into conveyancing account or conveyancing (CPF) account
6.—(1) Subject to paragraph (2), any party to a conveyancing transaction may pay conveyancing money into a solicitor’s conveyancing account by cheque or bank draft made payable to the title of that account, or by electronic fund transfer or telegraphic transfer.
[S 629/2011 wef 25/11/2011]
(2) The Central Provident Fund Board may pay conveyancing money withdrawn from the Central Provident Fund into a solicitor’s conveyancing (CPF) account by inter-bank GIRO.
(3) Subject to paragraph (4) and rule 11(2), every payment of conveyancing money into a solicitor’s conveyancing account shall be accompanied by a duly completed pay-in form that has been signed by any authorised signatory of the solicitor.
(4) Where any conveyancing money is paid into a solicitor’s conveyancing account by electronic fund transfer or telegraphic transfer, the solicitor shall, as soon as practicable, serve on the appointed bank with which the conveyancing account is maintained a duly completed pay-in form that has been signed by any authorised signatory of the solicitor.
[S 629/2011 wef 25/11/2011]
(5) Subject to rule 11(2), every payment of conveyancing money into a solicitor’s conveyancing (CPF) account shall be accompanied by a written instruction from the Central Provident Fund Board, or by a duly completed pay-in form that has been signed by any authorised signatory of the solicitor, relating to the payment.
(6) Where any conveyancing money is paid into a solicitor’s conveyancing account in accordance with paragraph (3) or (4), or into a solicitor’s conveyancing (CPF) account in accordance with paragraph (5), the solicitor shall give written notice to the person identified in the pay-in form referred to in paragraph (3), (4) or (5), or in the written instruction referred to in paragraph (5), as the person who is authorised to countersign a pay-out form for the withdrawal of the conveyancing money, that the conveyancing money has been received.