Document ID: chunk:federal_register_of_legislation:C2017C00074:section:68:p2
Version: federal_register_of_legislation:C2017C00074
Segment Type: section
Provision Reference: s 68 (pt 2/3)
Character Range: 70405–73035

100(2)).
 (3A) If:
 (a) the drawee institution obtains possession of a relevant cheque; and
 (b) the drawee institution pays or has paid the cheque; and
 (c) the cheque is not an agency cheque;
the drawee institution must retain the cheque (subject to subsection (5)), or a copy of the cheque, for the period ending 7 years after the date of the cheque.
 (3AA) If:
 (a) a financial institution or an FCA institution obtains possession of a relevant cheque, being an agency cheque; and
 (b) the institution is the drawer of the cheque (disregarding the effect of subsection 100(2)); and
 (c) the drawee institution has paid the cheque;
the institution must retain the cheque (subject to subsection (5)), or a copy of the cheque, for the period ending 7 years after the date of the cheque.
 (3B) Where a financial institution, pursuant to a request under subsection (4), obtains possession of a copy of a relevant cheque drawn on it, it shall retain a copy of the cheque for the period ending 7 years after the date of the cheque.
 (4) The entitled institution referred to in subsection (3) may, at any time while the cheque, or a copy of the cheque, is being retained by the relevant financial institution on behalf of the entitled institution in accordance with subsection (3) or otherwise, request the relevant financial institution to deliver up the cheque, or the copy, to it and the relevant financial institution shall forthwith comply with the request.
 (5) Nothing in this section shall be taken to affect:
 (a) any right that a person (including the drawer) has, against the drawee institution or relevant financial institution, to possession of the cheque; or
 (b) any obligation that the relevant financial institution would have, apart from this section, to retain the cheque.
 (6) Where a cheque is paid otherwise than by the drawee institution, the person paying the cheque has, as against the person paid, the right to possession of the cheque.
 (7) A financial institution or an FCA institution that fails to retain a cheque, or a copy of a cheque, as required by subsection (3), (3A), (3AA) or (3B), commits an offence against this section punishable, upon conviction, by a fine not exceeding 100 penalty units.
 (8) A reference in this section to the date of a cheque is, in the case of a cheque that is undated, a reference to the date of issue of the cheque.
 (9) In this section:
copy, in relation to a cheque, includes a document in which there is recorded the information contained in the cheque.
public authority means an authority or body, whether a body corporate or not, established or incorporated for a