Deficiency in trust account
90 Deficiency in trust account
S. 90(1) amended by Nos 9576 s. 11(1)(Sch.), 9945 s. 3(1) (Sch. 1 item 18(a)(b)).
If at any time there is a deficiency of money in or payable into any trust account of any estate agent the estate agent shall, unless he gives a sufficient and satisfactory explanation of the deficiency, be guilty of an indictable offence and shall be liable, if a corporation, to a penalty of not more than 200 penalty units or, if any other person, to a penalty of not more than 100 penalty units or, to imprisonment for a term of not more than two years.
S. 90(2) amended by No. 9848 s. 18(1).
A prosecution under this section shall not be commenced without the written consent of the Director of Public Prosecutions.
S. 90(3) inserted by No. 103/2004 s. 39(2).
This section does not apply to a deficiency of money in or payable into a trust account if—
the deficiency was caused solely by an error by an authorised deposit-taking institution or by inadvertence; and
the deficiency is rectified within 2 business days of its discovery.
This Act’s bill:Second reading speech
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