Definitions

In force

In this Part—

expenses, of a statutory management or receivership, means any one or more of the following—

(a)

the remuneration payable to the statutory manager or receiver;

(b)

the expenses incurred in the course of the statutory management or receivership;

(c)

the costs of legal proceedings involved in the statutory management or receivership;

(d)

any reimbursement of the statutory manager or receiver under this Part;

former licensee, in relation to a licence that has been suspended or cancelled, includes the person who held the licence immediately before its suspension or cancellation;

licensee includes—

(a)

a firm of licensees; and

(b)

a former licensee; and

(c)

except in relation to anything done or omitted by a licensee, the personal representative of a deceased licensee or a deceased former licensee;

property of a licensee means—

(a)

money or other property received by the licensee on behalf of another person in the conduct of a conveyancing business; or

(b)

interest, dividends, income, profits or other property derived from or acquired with money or other property referred to in paragraph (a); or

(c)

documents and records of any description relating to anything referred to in paragraph (a) or (b) or to the licensee’s conveyancing business; or

(d)

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 statutory management, includes any property of the business;

receivable property means property of a licensee or of 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 in breach of trust, would be receivable property;

relevant associate means an associate of the licensee in respect of whose property a receiver is appointed;

relevant licensee means—

(a)

in relation to a statutory management, the licensee in respect of whose conveyancing business the statutory manager was appointed; and

(b)

in relation to a receivership, the licensee in respect of whose property the receiver was appointed.

This Act’s bill:Explanatory memorandum Second reading speech

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95 Definitions