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Provisions regarding banks.
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51.— (1) A bank shall not, in connection with any transaction on an account of a licensee kept with the bank or with another bank—
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(a) incur a liability,
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(b) be under an obligation to make inquiry, or
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(c) be deemed to have knowledge of a right to moneys paid into or credited to the account,
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which the bank would not incur, be under, or be deemed to have, as the case may be, in the case of an account kept by a person entitled absolutely to the moneys paid into or credited to the account.
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(2) Nothing in subsection (1) shall relieve a bank from any liability or obligation which it would be under apart from this Act.
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(3) Notwithstanding subsection (1), a bank which keeps an account of a licensee for moneys of clients shall not, in respect of a liability of the licensee to the bank, not being a liability in connection with that account, have or obtain any recourse or right (whether by way of lien, set-off, counter-claim, charge or otherwise) against moneys standing to the credit of that account.
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(4) Nothing in subsection (3) shall deprive a bank of a right existing at the commencement of this section in respect of moneys previously deposited with the bank.
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