Victorian Current Acts

CONVEYANCERS ACT 2006 - SECT 62

    (1)     In this Part—

S. 62(1) def. of affairs repealed by No. 17/2007 s. 22(1)(a).

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"approved ADI" means an ADI that has an arrangement with the Secretary under section 91;

"approved auditor" means a person who is an approved auditor under section 83;

"audit period", for a licensee, means the year ending on 30 June or any other date fixed by the Director under subsection (2);

"controlled money "means money received or held by a licensee in respect of which the licensee has a written direction that is permitted under section 64 to deposit the money in an account (other than a general trust account) over which the licensee has or will have exclusive control;

S. 62(1) def. of controlled money account amended by No. 17/2007 s. 22(1)(b).

"controlled money account "means an account maintained by a licensee with an ADI for the holding of controlled money received by the licensee;

deficiency in a trust account or trust ledger account includes the non-inclusion or exclusion of the whole or any part of an amount that is required to be included in the account;

"deposit record" includes a deposit slip or duplicate deposit slip;

"electronic funds transfer" includes a transfer of money over the Internet but does not include a withdrawal or transfer of money carried out by telephone banking;

"general trust account "means an account maintained by a licensee with an approved ADI for the holding of trust money received by the licensee, other than controlled money or transit money;

"permanent form", in relation to a trust record, means printed or, on request, capable of being printed, in English on paper or other material;

power includes authority;

"transit money "means money received by a licensee subject to instructions to pay or deliver it to a third party, other than an associate of the licensee;

trust account means an account maintained by a licensee with an approved ADI to hold trust money;

trust money means money entrusted to a licensee in the course of or in connection with the carrying out of conveyancing work by the licensee, and includes—

        (a)     money received by the licensee on account of fees and charges in advance of carrying out the work; and

        (b)     controlled money received by the licensee; and

        (c)     transit money received by the licensee; and

        (d)     money received by the licensee, that is the subject of a power, exercisable by the licensee or an associate of the licensee, to deal with the money for or on behalf of another person;

"trust records "includes the following documents—

        (a)     receipts;

        (b)     cheque butts or cheque requisitions;

        (c)     records of authorities to withdraw by electronic funds transfer;

        (d)     deposit records;

        (e)     ADI statements relating to trust accounts;

        (f)     trust account receipts and payments cash books;

        (g)     trust ledger accounts;

        (h)     records of monthly trial balances;

              (i)     records of monthly reconciliations;

        (j)     trust transfer journals;

        (k)     statements of account as required to be furnished under the regulations;

        (l)     registers required to be kept under the regulations;

        (m)     monthly statements required to be kept under the regulations;

        (n)     files relating to trust transactions or invoices or both;

        (o)     written directions, authorities or other documents required to be kept under this Act or the regulations;

        (p)     supporting information required to be kept under the regulations in relation to powers to deal with trust money.

    (2)     For the purposes of the definition of audit period in subsection (1), the Director may by order in writing served on a licensee fix any date as the date on which an audit period ends for that licensee.

    (3)     An order under subsection (2) may be made—

        (a)     on the initiative of the Director or on the application of the relevant licensee; and

        (b)     subject to any conditions, and with any limitations as to time or circumstances, that the Director considers to be appropriate.

    (4)     A reference in this Part to a licensee's trust account or trust records includes a reference to an associate's trust account or trust records.

    (5)     A reference in this Part to a power given to a licensee or an associate of the licensee to deal with money for or on behalf of another person is a reference to a power given to the licensee or associate that is exercisable by—

        (a)     the licensee alone; or

        (b)     an associate of the licensee alone (otherwise than in a private and personal capacity); or

        (c)     the licensee or an associate of the licensee jointly or severally, or jointly and severally, with either or both of the following—

              (i)     one or more associates of the licensee;

              (ii)     the person, or one or more nominees of the person, for whom or on whose behalf the money may or is to be dealt with under the power.