Interest earned on trust accounts to be paid to Statutory Interest Account
57 Interest earned on trust accounts to be paid to Statutory Interest Account
Sections 90 and 91 of the Property and Stock Agents Act 2002 apply in respect of all money held in a general trust account under this Division as if—
the trust account were a trust account opened and kept under section 86 of that Act, and
the licensee who opened and keeps the trust account were a licensee under that Act.
Note.
Section 90 of the Property and Stock Agents Act 2002 provides for interest earned on trust accounts to be paid to the Statutory Interest Account. Section 91 requires authorised deposit-taking institutions to notify the Secretary of certain matters with respect to trust accounts kept with the institution, including the number of trust accounts opened with the institution during a month and the names of the licensees who opened the accounts.
A licensee must, when opening a trust account at an authorised deposit-taking institution under this Division, ensure that the authorised deposit-taking institution is notified that the trust account is, for the purposes of sections 90 and 91 of the Property and Stock Agents Act 2002, to be regarded as a trust account required by that Act. Such a notification is, for the purposes of those sections, to be regarded as a notification that the trust account concerned is required by that Act.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.