Definitions
90 Definitions
In this Part—
associate, in relation to a licensee, has the meaning given to it by section 91.
expenses of management or receivership means—
the remuneration payable to the manager or receiver, or
the expenses incurred in the course of the management or receivership, or
the costs of legal proceedings involved in the management or receivership, or
any reimbursement of the manager or receiver under this Part.
failure to account has the meaning given to it by section 92.
licensee includes—
a firm of licensees, and
a former licensee, and
in relation to anything done or omitted by a licensee—a deceased licensee and a deceased former licensee, and
except in relation to anything done or omitted by a licensee—the personal representative of a deceased licensee or a deceased former licensee.
Operating Account means the Office of Fair Trading Operating Account or a departmental account prescribed by the regulations for the purposes of this definition.
property of a licensee means—
money or other property received by the licensee on behalf of another person in the conduct of a conveyancing business, or
interest, dividends, income, profits or other property derived from or acquired with money or other property referred to in paragraph (a), or
documents and records of any description relating to anything referred to in paragraph (a) or (b) or to the licensee’s conveyancing business, or
any means by which any records referred to in paragraph (c) that are not written may be reproduced in writing,
and, in relation to a licensee whose conveyancing business is under management, includes any property of the business.
receivable property means property of a licensee or an associate of a licensee that is the subject of an order appointing a receiver, and includes property that, but for its having being taken, paid or transferred unlawfully or in breach of trust, would be receivable property.
receiver means a receiver appointed by the Supreme Court under this Part.
relevant associate means a licensee’s associate of whose property a receiver has been appointed under this Part.
relevant licensee means a licensee of whose property a receiver has been appointed.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
This Act’s bill:Explanatory memorandumSecond reading speech
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