Victorian Current Acts Victorian Current ActsS. 74(1) substituted by No. 17/2007 s. 24(1).
(1) A licensee must deposit general trust money received in the form of cash in a general trust account of the licensee concerned.
Penalty: 120 penalty units.
(2) If the licensee has a written direction by an appropriate person to deal with general trust money received in the form of cash otherwise than by first depositing it in a general trust account of the licensee—
(a) the money must nevertheless be deposited in a general trust account of the licensee in accordance with subsection (1); and
(b) the money is thereafter to be dealt with in accordance with any applicable terms of the direction so far as those terms are not inconsistent with paragraph (a).
(3) Controlled money received in the form of cash must be deposited in a controlled money account in accordance with section 71.
S. 74(4) substituted by No. 17/2007 s. 24(2).
(4) A licensee must deposit transit money received in the form of cash in a general trust account of the licensee before the money is otherwise dealt with in accordance with the instructions relating to the money.
Penalty: 120 penalty units.
S. 74(4A) inserted by No. 17/2007 s. 24(2).
(4A) A licensee must deposit trust money that is received in the form of cash and is the subject of a power in a general trust account (or a controlled money account in the case of controlled money) of the licensee before the money is otherwise dealt with in accordance with the power.
Penalty: 120 penalty units.
S. 74(5) amended by No. 17/2007 s. 24(3).
(5) This section has effect despite anything to the contrary in a relevant direction, instruction or power.
(6) In this section—
"appropriate person", in relation to trust money, means a person who is legally entitled to give the licensee concerned directions in respect of dealings with the money;
S. 74(6) def. of general trust money amended by No. 17/2007 s. 24(4).
"general trust money" means trust money, other than—
(a) controlled money; and
(b) transit money; and
(c) money that is the subject of a power.