Victorian Numbered Acts Victorian Numbered Acts(1) As soon as practicable after receiving controlled money, a licensee must deposit the money in the account specified in the written direction relating to the money.
Penalty: 120 penalty units.
(2) The licensee must hold controlled money deposited in a controlled money account in accordance with sub-section (1) exclusively for the person on whose behalf it was received.
Penalty: 120 penalty units.
(3) A licensee that holds controlled money deposited in a controlled money account in accordance with sub-section (1) must not disburse the money except in accordance with—
(a) the written direction mentioned in that sub-section; or
(b) a later written direction given by or on behalf of the person on whose behalf the money was received.
Penalty: 120 penalty units.
(4) The licensee must maintain the controlled money account, and account for the controlled money, as required by the regulations.
Penalty: 60 penalty units.
(5) The licensee must keep a written direction mentioned in this section for the period prescribed by the regulations.
Penalty: 60 penalty units.
(6) The licensee must ensure that the controlled money account is used for the deposit of controlled money received on behalf of the person referred to in sub-section (2), and not for the deposit of controlled money received on behalf of any other person, except to the extent that the regulations otherwise permit.
Penalty: 120 penalty units.
(7) Sub-section (3) applies subject to an order of a court of competent jurisdiction or as authorised by law.