reg 6E
In forceSeparate trust accounts, requests for, requirements prescribed (Act s. 68A(4))
6E Separate trust accounts, requests for, requirements prescribed (Act s. 68A(4))
(1)
For the purposes of section 68A(4) of the Act, where the transaction in respect of which moneys are paid relates to the sale of real estate or a business, an agent shall only comply with the request for a separate account if the agent is satisfied that —
(a)
the amount of moneys paid to the agent exceeds $20 000; or
(b)
the transaction is not to be settled within 60 days.
(2)
In subregulation (1) —
business means any commercial undertaking or enterprise in respect of any profession, trade, employment, vocation, or calling.
[Regulation 6E inserted: Gazette 25 Jun 1996 p. 2919.]
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