New South Wales Repealed Regulations

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This legislation has been repealed.

PROPERTY, STOCK AND BUSINESS AGENTS (GENERAL) REGULATION 1993 - REG 33

Trust deposits

33 Trust deposits

(1) A licensee who makes a deposit of money to the licensee's trust account with a bank, building society or credit union must ensure:
(a) that the relevant bank, building society or credit union deposit book or other written deposit record is produced to the bank, building society or credit union concerned when the deposit is made, and
(b) that the following particulars are then entered in the book or record:
• the date of the deposit,
• the amount of the deposit,
• whether the deposit consists of cheques, notes or coins,
• if cheques are included in the deposit, the name of the drawer, the name and branch of the bank, building society or credit union on which the cheque is drawn and the amount of each cheque, and
(c) that a duplicate of the particulars of each deposit is authenticated by an officer of the bank.
Maximum penalty: 40 penalty units in the case of a corporation or 20 penalty units in any other case.
(2) A bank deposit record is not required by this clause if money is paid to the credit of the trust account by electronic funds transfer or other means by someone other than the licensee.



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