Money received by agents, duties as to
69 Money received by agents, duties as to
When an agent receives money for or on behalf of any other person, the agent shall —
unless the money is received by electronic transfer, immediately give to the person paying the money a receipt containing such information as is prescribed; and
keep a record of the money received.
A record under subsection (1)(b) shall be kept in the prescribed manner and contain such information as is prescribed.
The agent shall produce records kept under subsection (1)(b) to the auditor at every audit, and at such other times as the auditor may reasonably require.
[(4) deleted]
Subsection (3) does not apply in the case of an agent if the agent’s auditor certifies to the Commissioner that he is satisfied with the system employed by the agent and that the records of moneys received are so kept and entered up as to enable the accounts to be properly and conveniently audited, and the Commissioner approves of the system employed by the agent of recording the receipt of moneys.
On receipt of any moneys by an agent in respect of a transaction, he shall render to the person on whose behalf the money is received an account in writing of all such moneys and of the application thereof.
[Section 69 amended: No. 74 of 1980 s. 7; No. 59 of 1995 s. 15; No. 58 of 2010 s. 134.]
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