Victorian Current Acts

CONVEYANCERS ACT 2006 - SECT 68

    (1)     Subject to section 74, as soon as practicable after receiving trust money, a licensee must deposit the money in a general trust account of the licensee unless—

        (a)     the licensee has a written direction by an appropriate person to deal with it otherwise than by depositing it in the account; or

        (b)     the money is controlled money and the licensee is permitted to deposit it in a controlled money account; or

        (c)     the money is transit money; or

        (d)     the money is the subject of a power given to the licensee or an associate of the licensee to deal with the money for or on behalf of another person.

Penalty:     120 penalty units.

    (2)     Subject to section 74, a licensee who has received money that is the subject of a written direction mentioned in subsection (1)(a) must deal with the money in accordance with the direction—

        (a)     within the period (if any) specified in the direction; or

        (b)     subject to paragraph (a), as soon as practicable after it is received.

Penalty:     120 penalty units.

    (3)     A licensee must keep a written direction mentioned in subsection (1)(a) for the period prescribed by the regulations.

Penalty:     60 penalty units.

    (4)     In this section, "appropriate person "means a person legally entitled to give the licensee directions in respect of dealings with the trust money.