Agents to give Commissioner information about trust accounts
68C Agents to give Commissioner information about trust accounts
When an agent opens or closes a trust account, the agent shall, as soon as is practicable, inform the Commissioner in writing of the opening or closure of the trust account and, in doing so, shall specify —
the name and number of the trust account; and
the name and address of the authorised financial institution with which the trust account is or was maintained.
Subsection (1) does not apply to a separate account.
If an agent’s trust account is overdrawn, both the agent and the authorised financial institution with which the trust account is maintained shall, as soon as is practicable, inform the Commissioner in writing of —
the name and number of the trust account; and
the amount by which the trust account is overdrawn.
[Section 68C inserted: No. 59 of 1995 s. 14; amended: No. 58 of 2010 s. 134.]
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