Secretary's power to enter into arrangements with financial institutions
60 Secretary's power to enter into arrangements with financial institutions
S. 60 amended by No. 9500 s. 13, substituted by No. 29/1989 s. 16.
S. 60(1) amended by Nos 86/1994 s. 30(a)(b), 52/1998 s. 96, 1/2010 s. 14(1).
The Secretary may enter into an arrangement with a financial institution for the keeping of estate agents' trust accounts.
S. 60(2) amended by Nos 86/1994 s. 30(a), 52/1998 s. 96, 48/2018 s. 56.
An arrangement entered into by the Secretary under subsection (1), may provide for all or any of the following matters—
S. 60(2)(a) amended by Nos 86/1994 s. 30(a), 52/1998 s. 96.
The payment of interest on the whole or any part of deposits in estate agents' trust accounts to the Secretary;
S. 60(2)(b) amended by Nos 86/1994 s. 30(a), 52/1998 s. 96.
The manner by which the Secretary is informed of amounts held in estate agents' trust accounts;
The auditing of balances in estate agents' trust accounts;
Any other relevant matter.
S. 60(3) amended by Nos 86/1994 s. 30(a), 52/1998 s. 96, 17/2004 s. 7(2).
Any interest received by the Secretary under an arrangement entered into under subsection (1) must be paid into the Fund.
An estate agent must not maintain a trust account at a financial institution which is not an authorised financial institution.
S. 60(5) amended by Nos 86/1994 s. 30(a), 52/1998 s. 96, 1/2010 s. 14(2).
An estate agent must comply with an arrangement entered into by the Secretary with a financial institution under this section.
S. 60(6) amended by No. 86/1994 s. 30(a)(c), repealed by No. 1/2010 s. 14(3).
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S. 60A inserted by No. 29/1989 s. 16, repealed by No. 86/1994 s. 31.
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S. 61 amended by Nos 10028 s. 34, 29/1989 s. 17, substituted by No. 86/1994 s. 31, amended by No. 52/1998 s. 97, repealed by No. 1/2010 s. 15.
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This Act’s bill:Second reading speech
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