South Australian Current Acts South Australian Current Acts122—Trust money to be deposited in trust account
(1) An agent must, as
soon as practicable after receiving trust money, deposit the money in an
account authorised by this Division in the name of the agent.
Maximum penalty: $8 000.
(2) An agent must not
pay any money except trust money into the agent's trust account.
Maximum penalty: $8 000.
(3) An agent must not
withdraw, or permit another person to withdraw, money from a trust account
except in accordance with this Part.
Maximum penalty: $8 000.
(4) An agent must,
when applying to open a trust account, inform the ADI or other financial
institution that the account is to be a trust account for the purposes of this
Division.
Maximum penalty: $8 000.