New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 106

106 Inspection of records of financial institutions

(1) An authorised officer may serve on an authorised deposit-taking institution with which a licensee has deposited any money in any account (whether the licensee's own account or a general or separate trust account) a notice, in a form approved by the Secretary and signed by the authorised officer--

(a) certifying as to the reason for serving the notice, as provided by this section, and

(b) requiring the authorised deposit-taking institution to produce to the authorised officer for inspection the records of the institution relating to the account.

(2) Each of the following is a reason for serving a notice under this section--

(a) the licensee cannot be located,

(b) the licensee has left the State,

(c) the licensee or any other person required to do so has failed to furnish any authority or order on the institution in accordance with a requirement under this Division,

(d) the licensee has ceased to be a licensee,

(e) the licensee has contravened a provision of Part 7 (Trust accounts).

(3) An authorised officer may take copies of or extracts from, or make notes from, any records produced to the authorised officer under this section and for that purpose may take temporary possession of those records.