Interpretation of Part 3
12 Interpretation of Part 3
In this Part, unless the contrary intention appears—
auditor means—
a registered company auditor within the meaning of the
Corporations Act 2001 of the Commonwealth; or
a person who meets the requirements prescribed by regulation for the purposes of this definition;
fiduciary default means a defalcation, misappropriation or misapplication of trust money occurring while the money is in the possession or control of—
an agent; or
a firm of which an agent is a member;
record includes information kept by computer, microfilm or other process;
trust account, in relation to an agent, means an account in which trust money is required to be deposited by the agent;
trust money, in relation to an agent, means money—
that is received by the agent when acting as an agent;
and
to which the agent is not wholly entitled in law and in equity.
A reference in this Part to a fiduciary default extends to a fiduciary default that occurred before the commencement of this
Act.
This provision refers to the regulations (prescribed by regulation
). Made under this Act:
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