Agents Financial Administration Regulation 2014
sec.10Dealing with trust account receipt forms
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sec.10 Dealing with trust account receipt forms
The principal agent must ensure— a trust account receipt form contains the particulars mentioned in section 9 ; and a trust account receipt form is used only for the receipt of— trust money; or an amount consisting of trust money and other money that cannot be divided; and if requested by the person from whom the trust money was received—a trust account receipt form is given to the person promptly; and a completed and legible duplicate trust account receipt form is kept in the principal agent’s records; and if the principal agent cancels a trust account receipt form, the form— is kept in the principal agent’s records; and contains a brief description of why the form was cancelled. Maximum penalty—10 penalty units.
- (a) a trust account receipt form contains the particulars mentioned in section 9 ; and
- (b) a trust account receipt form is used only for the receipt of— (i) trust money; or (ii) an amount consisting of trust money and other money that cannot be divided; and
- (i) trust money; or
- (ii) an amount consisting of trust money and other money that cannot be divided; and
- (c) if requested by the person from whom the trust money was received—a trust account receipt form is given to the person promptly; and
- (d) a completed and legible duplicate trust account receipt form is kept in the principal agent’s records; and
- (e) if the principal agent cancels a trust account receipt form, the form— (i) is kept in the principal agent’s records; and (ii) contains a brief description of why the form was cancelled.
- (i) is kept in the principal agent’s records; and
- (ii) contains a brief description of why the form was cancelled.
- (i) trust money; or
- (ii) an amount consisting of trust money and other money that cannot be divided; and
- (i) is kept in the principal agent’s records; and
- (ii) contains a brief description of why the form was cancelled.