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Banking and Financial Law: In the event bank officer did not abide by the Section in the Bills of Exchange Act

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asked on Jun 27, 2003 at 15:43
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edited on Jul 9, 2022 at 02:10
 
Kindly clarify on the matter below:

Please quote the Section in the Bills of Exchange Act saying that a bank could only open a current account for a client who has been "introduced" . In the event that the bank officer did not abide by this provision, what happens then?
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answered on Jun 28, 2003 at 00:20
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There is nothinhg you can do about it, but to blame the STUPID Act makers.

That act does not serve any beneficial purpose to any body and the economy of the Country.

The introducer actually has nothing to do with your money.

The bank officer could also abuse his authority and generate unnecessary hassle.
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answered on Jun 28, 2003 at 21:34
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edited Jul 9, 2022 at 02:12
 
Thank you @Vince, for your reply. Good on you for expressing your opinion. Actually I wish to know if there is such a provision in the Bills of Exchange Act, to demand for an "introducer", when wanting to open a current account; and how is it worded, are there any cases to date, contravening this provision? This info is for academic purposes. Please anyone can answer this?
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