Certain trust money to be deposited in general trust account
68 Certain trust money to be deposited in general trust account
Subject to section 74, as soon as practicable after receiving trust money, a licensee must deposit the money in a general trust account of the licensee unless—
the licensee has a written direction by an appropriate person to deal with it otherwise than by depositing it in the account; or
the money is controlled money and the licensee is permitted to deposit it in a controlled money account; or
the money is transit money; or
the money is the subject of a power given to the licensee or an associate of the licensee to deal with the money for or on behalf of another person.
- 120 penalty units.
Subject to section 74, a licensee who has received money that is the subject of a written direction mentioned in subsection (1)(a) must deal with the money in accordance with the direction—
within the period (if any) specified in the direction; or
subject to paragraph (a), as soon as practicable after it is received.
- 120 penalty units.
A licensee must keep a written direction mentioned in subsection (1)(a) for the period prescribed by the regulations.
- 60 penalty units.
In this section, appropriate person means a person legally entitled to give the licensee directions in respect of dealings with the trust money.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
- Conveyancers (Fees) Regulations 2018 · under section 188
- Conveyancers (Professional Conduct) Regulations 2018 · under section 188
- Conveyancers (Qualifications and Experience) Regulations 2018 · under section 188
1 more instrument made under this Act are listed on the Act’s overview.
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.