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CONVEYANCERS LICENSING ACT 2003 - SECT 57
Interest earned on trust accounts to be paid to Statutory Interest Account
57 Interest earned on trust accounts to be paid to Statutory Interest Account
(1) Sections 90 and 91 of the Property and Stock Agents Act 2002 apply in
respect of all money held in a general trust account under this Division as
if-- (a) the trust account were a trust account opened and kept under
section 86 of that Act, and
(b) the licensee who opened and keeps the
trust account were a licensee under that Act.
Note--: Section 90 of the
Property and Stock Agents Act 2002 provides for interest earned on
trust accounts to be paid to the Statutory Interest Account. Section 91
requires authorised deposit-taking institutions to notify the Secretary of
certain matters with respect to trust accounts kept with the institution,
including the number of trust accounts opened with the institution during a
month and the names of the licensees who opened the accounts.
(2) A licensee
must, when opening a trust account at an authorised deposit-taking institution
under this Division, ensure that the authorised deposit-taking institution is
notified that the trust account is, for the purposes of sections 90 and 91 of
the Property and Stock Agents Act 2002 , to be regarded as a trust account
required by that Act. Such a notification is, for the purposes of those
sections, to be regarded as a notification that the trust account concerned is
required by that Act.
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