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P-40.1 - Consumer Protection Act

Section 338.7
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338.7. (Repealed).
1984, c. 47, s. 131; 1988, c. 45, s. 8.
338.7. After receiving a notice to that effect from the provisional administrator appointed for a merchant, no financial institution which is the depositary of sums of money for the merchant may make any withdrawal or payment from the sums deposited, except with the written authorization of the provisional administrator. The sums of money must, on request, be put in the possession of the provisional administrator according to his directives.
For the purposes of this section, “financial institution” includes a chartered bank, a savings and credit union, a trust company and any other institution authorized by the Deposit Insurance Act (chapter A-26) to receive deposits.
1984, c. 47, s. 131.
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