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Power to stop payment of money held by financial institution

Trade Unions Act 1940

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—(1) Where a notice has been given by the Registrar to a trade union under section 15(2), the Minister may, if he is satisfied that it is likely that the funds of the trade union may be misused, by notice in writing direct any financial institution not to pay or cause to be paid any money out of or honour any cheque drawn on the account of the trade union for a specified period not exceeding 3 months, except with the written authorisation of the Registrar.(2) Where an investigation is being conducted by a public authority regarding the improper use or misapplication of the funds of a trade union, the Minister may by notice in writing direct any financial institution not to pay or cause to be paid any money out of or honour any cheque drawn on the account of the trade union for a specified period not exceeding 3 months, except with the written authorisation of the Registrar.(3) A financial institution which complies with a notice of the Minister under subsection (1) or (2) shall be relieved of any liability to any other person in respect of the payment prohibited by the notice.(4) Any financial institution which fails to comply with a notice of the Minister under subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $3,000 or to imprisonment for a term not exceeding 3 years or to both.(5) Where an offence under subsection (4) is proved to have been committed with the consent and connivance of, or to be attributable to any neglect on the part of, any director, secretary, manager, accountant, sub-accountant or other similar officer of a financial institution, or a person who was purporting to act in such capacity, he as well as the financial institution shall be guilty of that offence and shall be liable to be proceeded against and punished accordingly.(6) In this section —“financial institution” means a bank, a finance company, or any co‑operative society carrying on the business of managing and investing funds;“public authority” means the Registrar, the Commissioner of Police, the Commissioner of Inland Revenue and the Director of the Corrupt Practices Investigation Bureau.

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