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AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 11
Requirements for opening and keeping trust accounts
11 Requirements for opening and keeping trust accounts
(1) An agent must not open a general trust account or special trust account at
a place other than the office or branch of an approved financial institution
within the State. Penalty— Maximum penalty—200 penalty units.
Note— A special trust account is a trust account created under section 17
in which an amount is held for investment at the direction of both parties to
a sale.
(2) Before opening a general trust account or special trust account
the agent must give the manager or other officer in charge of the financial
institution’s office or branch— (a) if the person is a licensee—a copy
of the licensee’s licence; or
(b) if the person is a collection agent—a
copy of the collection agent’s authority to open the account granted under
section 10 .
Penalty— Maximum penalty—200 penalty units.
(3)
Subsection (4) applies if— (a) a collection agent who is not a licensee
keeps a general trust account at a financial institution under this part; and
(b) the collection agent becomes a licensee; and
(c) the collection agent
intends to continue using the agent’s existing general trust account for
transactions carried out under the licence.
(4) The agent must, within 7 days
after receiving the licence, give the manager or other officer in charge of
the financial institution’s office or branch a copy of the licence.
Penalty— Maximum penalty—200 penalty units.
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