New South Wales Repealed Regulations

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This legislation has been repealed.

PROPERTY, STOCK AND BUSINESS AGENTS (GENERAL) REGULATION 1993 - REG 32

Payment of trust money

32 Payment of trust money

(1) Trust money must not be drawn from a licensee's trust bank, building society or credit union account otherwise than by a cheque or electronic funds transfer.
(2) Each cheque must:
(a) be machine numbered in series, and
(b) be marked "not negotiable", and
(c) not be payable to cash, and
(d) contain the name of the licensee or (if appropriate) of the licensee's firm and the words "Trust Account", and
(e) be signed by the licensee or another person authorised by or under clause 38 to sign the cheque.
(3) The licensee must ensure that, for each cheque, a record is kept of:
(a) the date of issue, the payee and the amount of the cheque, and
(b) details identifying the ledger account to be debited and the name of the person on whose behalf the cheque was drawn, and
(c) sufficient particulars to identify the cheque and the reason for drawing it.
(4) If the licensee maintains an accounting system which (at the same time as that at which, and in the same operation as that in which, a cheque is drawn) causes the particulars required by subclause (3) to be entered directly in the cash book required to be kept, the entry of the particulars in the cash book is a sufficient compliance with subclause (3).
(5) The licensee must ensure that, for each electronic funds transfer, a record is kept of:
(a) the date of the transfer, the payee and the amount transferred to or from each ledger account, and
(b) details identifying the ledger accounts to be debited and the name and code reference number of each principal on whose behalf the transfer was made, and
(c) sufficient particulars to identify the transfer and the reason for it.
Maximum penalty: 40 penalty units in the case of a corporation or 20 penalty units in any other case.



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