New South Wales Repealed Regulations

This legislation has been repealed.

PROPERTY, STOCK AND BUSINESS AGENTS (GENERAL) REGULATION 1993 - REG 27

27 Records of trust money to be kept by licensees

(1) Every licensee must keep the following records:

(a) a trust receipt book containing the duplicates of all receipts issued for all amounts received and required to be paid into the trust account (the duplicates being machine numbered consecutively to correspond with the machine numbered receipts),

(b) a trust bank, building society or credit union deposit book showing all deposits made by the licensee into the trust account or some other written record showing those deposits,

(c) a trust account cash book or some other written record of all receipts of amounts required to be paid into, and of all payments made from, the trust account.

(2) A licensee is not required to keep duplicates of receipts in a trust receipt book if the particulars entered on the receipts when they were prepared were entered simultaneously in the trust account cash book and the licensee keeps a printed record in that cash book containing those particulars recorded sequentially to correspond with the receipts issued.

(3) A strata managing agent or community managing agent must keep either of the following additional records:

(a) a single trust account ledger which is in a form permitting each account for an owners corporation, community association, precinct association or neighbourhood association for or on behalf of which the agent holds any money to be physically removed from the ledger, or

(b) a separate trust account ledger for each such owners corporation, community association, precinct association or neighbourhood association.

Maximum penalty: 40 penalty units in the case of a corporation or 20 penalty units in any other case.