Auditing of accounts on ceasing to be trustee
19 Auditing of accounts on ceasing to be trustee
Where a trustee ceases to carry on practice or business or to act as such the trustee shall within 2 months thereafter—
cause the accounting and other records kept by the trustee in pursuance of section 6 and the trust accounts kept by the trustee in pursuance of section 7 for the whole of the period from the date up to which those accounts were last audited pursuant to section 16 to the date of the trustee’s so ceasing or, where no such audit has been performed, for the whole of the period from the date on which the trustee commenced to carry on practice or business or to act as a trustee to the date of the trustee’s so ceasing, to be audited by the trustee’s auditor;
cause a report of the audit performed in pursuance of paragraph (a) to be prepared which report shall contain the prescribed information;
give to the supervising entity the auditor’s report mentioned in paragraph (b).
Maximum penalty—50 penalty units.
Where a trustee ceases to carry on practice or business or to act as such the trustee, or where the trustee is dead the trustee’s personal representative, shall forthwith take all steps and do all things as are legally permissible and as are requisite for the distribution as soon as practicable and in accordance with law of trust moneys held by the trustee when the trustee ceased to carry on practice or business or to so act.
This provision refers to the regulations (prescribed information
). Made under this Act:
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.