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—

(a) incur a liability,

(b) be under an obligation to make inquiry, or

(c) be deemed to have knowledge of a right to moneys paid into or credited to the account,

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.

(2) Nothing in subsection (1) shall relieve a bank from any liability or obligation which it would be under apart from this Act.

(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.

(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.