sec.24Duties of financial institution managers

### sec.24 Duties of financial institution managers The manager or principal officer of an office or branch of a financial institution where trust money has been deposited, whether to a trust account or another account, must— allow an inspector, on written demand signed by the inspector, to inspect and copy documents relating to the account; and immediately an agent’s trust account is overdrawn, inform the chief executive of that fact; and immediately there is insufficient money in an agent’s trust account to meet a cheque drawn on the account, inform the chief executive of— the amount for which the cheque is drawn; and the amount in the account. Maximum penalty—200 penalty units or 1 year’s imprisonment. In this section— agent includes— a former agent; and a person who is not licensed, but who acts as a licensee. trust money includes— an amount that, under section 16 , is required to be deposited to an agent’s trust account; and an instrument for the payment of an amount mentioned in paragraph (a) if the instrument may be paid into a financial institution; and a security for an amount mentioned in paragraph (a) if title to the security is transferable by delivery. (sec.24-ssec.1) The manager or principal officer of an office or branch of a financial institution where trust money has been deposited, whether to a trust account or another account, must— allow an inspector, on written demand signed by the inspector, to inspect and copy documents relating to the account; and immediately an agent’s trust account is overdrawn, inform the chief executive of that fact; and immediately there is insufficient money in an agent’s trust account to meet a cheque drawn on the account, inform the chief executive of— the amount for which the cheque is drawn; and the amount in the account. Maximum penalty—200 penalty units or 1 year’s imprisonment. (sec.24-ssec.2) In this section— agent includes— a former agent; and a person who is not licensed, but who acts as a licensee. trust money includes— an amount that, under section 16 , is required to be deposited to an agent’s trust account; and an instrument for the payment of an amount mentioned in paragraph (a) if the instrument may be paid into a financial institution; and a security for an amount mentioned in paragraph (a) if title to the security is transferable by delivery. - (a) allow an inspector, on written demand signed by the inspector, to inspect and copy documents relating to the account; and - (b) immediately an agent’s trust account is overdrawn, inform the chief executive of that fact; and - (c) immediately there is insufficient money in an agent’s trust account to meet a cheque drawn on the account, inform the chief executive of— (i) the amount for which the cheque is drawn; and (ii) the amount in the account. - (i) the amount for which the cheque is drawn; and - (ii) the amount in the account. - (i) the amount for which the cheque is drawn; and - (ii) the amount in the account. - (a) a former agent; and - (b) a person who is not licensed, but who acts as a licensee. - (a) an amount that, under section 16 , is required to be deposited to an agent’s trust account; and - (b) an instrument for the payment of an amount mentioned in paragraph (a) if the instrument may be paid into a financial institution; and - (c) a security for an amount mentioned in paragraph (a) if title to the security is transferable by delivery.