sec.11Requirements for opening and keeping trust accounts

### sec.11 Requirements for opening and keeping trust accounts An agent must not open a general trust account or special trust account at a place other than the office or branch of an approved financial institution within the State. Maximum penalty—200 penalty units. A special trust account is a trust account created under section 17 in which an amount is held for investment at the direction of both parties to a sale. Before opening a general trust account or special trust account the agent must give the manager or other officer in charge of the financial institution’s office or branch— if the person is a licensee—a copy of the licensee’s licence; or if the person is a collection agent—a copy of the collection agent’s authority to open the account granted under section 10 . Maximum penalty—200 penalty units. Subsection (4) applies if— a collection agent who is not a licensee keeps a general trust account at a financial institution under this part; and the collection agent becomes a licensee; and the collection agent intends to continue using the agent’s existing general trust account for transactions carried out under the licence. The agent must, within 7 days after receiving the licence, give the manager or other officer in charge of the financial institution’s office or branch a copy of the licence. Maximum penalty—200 penalty units. (sec.11-ssec.1) An agent must not open a general trust account or special trust account at a place other than the office or branch of an approved financial institution within the State. Maximum penalty—200 penalty units. A special trust account is a trust account created under section 17 in which an amount is held for investment at the direction of both parties to a sale. (sec.11-ssec.2) Before opening a general trust account or special trust account the agent must give the manager or other officer in charge of the financial institution’s office or branch— if the person is a licensee—a copy of the licensee’s licence; or if the person is a collection agent—a copy of the collection agent’s authority to open the account granted under section 10 . Maximum penalty—200 penalty units. (sec.11-ssec.3) Subsection (4) applies if— a collection agent who is not a licensee keeps a general trust account at a financial institution under this part; and the collection agent becomes a licensee; and the collection agent intends to continue using the agent’s existing general trust account for transactions carried out under the licence. (sec.11-ssec.4) The agent must, within 7 days after receiving the licence, give the manager or other officer in charge of the financial institution’s office or branch a copy of the licence. Maximum penalty—200 penalty units. - (a) if the person is a licensee—a copy of the licensee’s licence; or - (b) if the person is a collection agent—a copy of the collection agent’s authority to open the account granted under section 10 . - (a) a collection agent who is not a licensee keeps a general trust account at a financial institution under this part; and - (b) the collection agent becomes a licensee; and - (c) the collection agent intends to continue using the agent’s existing general trust account for transactions carried out under the licence.