| 1) | An executor or a person appointed in terms of section 18— |
| a) | shall, unless the Master otherwise directs, as soon as he or she has in hand moneys in the estate in excess of an amount determined by the Chief Master, by directive, from time to time, open a transactional account, or the type of account as directed from time to time by the Chief Master by directive, in the name of the estate with a bank in the Republic and shall deposit therein the moneys which he or she has in hand and such other moneys as he or she may from time to time receive for the estate; |
| b) | may open a savings account in the name of the estate with a banking institution or a bank and may transfer into that account so much of the moneys deposited in the account referred to in paragraph (a) as is not immediately required for the payment of any claim against the estate; and |
| c) | may place so much of the moneys deposited in the account referred to in paragraph (a) as is not immediately required for the payment of any claim against the estate on interest-bearing deposit with a bank in the Republic. |
[Section 28(1) substituted by section 3(a) of the Judicial Matters Amendment Act 2023, Notice No. 4597, GG50430, dated 3 April 2024]
| 2) | Every executor shall whenever required by the Master to do so, notify the Master in writing of the bank and the office or branch thereof with which he or she has opened an account referred to in subsection (1); and furnish the Master with a bank statement or other sufficient evidence of the position of the account. |
| 3) | No executor who in compliance with a request of the Master under subsection (2), has notified the Master of the office or branch of the bank with which he or she has opened an account referred to in subsection (1) shall transfer any such account from any such office or branch to any other such office or branch, except after written notice to the Master. |
| 4) | All payments made from an account referred to in subsection (1)(a) must— |
| (a) | be made by the executor or his or her duly authorised agent or a person appointed in terms of section 18, as the case may be; |
| (b) | identify the payee, the amount paid and the cause of payment; |
| (c) | identify the account of the payee in respect of an electronic transfer of payment; and |
| (d) | contain relevant information to identify the estate and any such additional information as directed by the Master. |
[Section 28(4) substituted by section 3(b) of the Judicial Matters Amendment Act 2023, Notice No. 4597, GG50430, dated 3 April 2024]
| 5) | The Master and any surety of the executor shall have the same right to information in regard to any such account as the executor himself or herself possesses, and may examine all vouchers in relation thereto, whether in the hands of the bank or of the executor. |
| 6) | The Master may in writing direct the manager of any office or branch with which an account has been opened under subsection (1), to refuse, except with the consent of the Master, any further withdrawals of money from that account or to pay over into the guardian's fund all moneys standing to the credit of the account at the time of the receipt, by the said manager, of that direction, and all moneys which may thereafter be paid into that account, and shall notify the executor of any such direction. |
