Agents having no accounts to audit
69 Agents having no accounts to audit
S. 69(1) amended by Nos 9925 s. 5(a), 10028 s. 42(a), 86/1994 s. 47(zu), 52/1998 s. 99(1), substituted by No. 41/2003 s. 45.
It is not necessary for a licensed estate agent to comply with section 64 or 64B in respect of a financial year if the agent, in the course of that year, neither received nor held any money for, or on behalf of, any other person.
S. 69(1A) inserted by No. 10028 s. 42(b), amended by Nos 86/1994 s. 47(zu), 52/1998 s. 99(1), substituted by No. 41/2003 s. 45.
The Director may require, by notice in writing, any licensed estate agent or any executor, trustee or administrator of an estate agent to make and deliver to the Director a statutory declaration as to whether the estate agent held any money for, or on behalf of, another person during a period specified by the Director in the notice.
S. 69(1B) inserted by No. 41/2003 s. 45.
If the Director imposes a requirement on a person under subsection (1A), the person must comply with the requirement within the time specified by the Director in the notice imposing the requirement.
- 25 penalty units.
S. 69(2) amended by No. 10028 s. 42(c).
Where the accounts of trust money are kept by a partnership of estate agents an audit of those accounts under section 64, 64A or 64B and the certificates and report of the auditor thereon shall operate as regards those accounts as an audit certificate and report in relation to each estate agent who is a member of that partnership.
This Act’s bill:Second reading speech
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