50Opening of account

50 Opening of account (1) A licensed agent must, within 7 days after the licence is granted to the agent, open an account at an ADI in the Territory under a title that includes: (a) the name of the agent or, if the agent carries on the business under a business name registered under the Business Names Registration Act 2011 (Cth), the name under which the agent carries on the business; and (b) the words "Trust Account"; and (c) if it is an account that holds only security deposits, as defined in section 63 of the Business Tenancies (Fair Dealings) Act 2003 or section 4 of the Residential Tenancies Act 1999, and interest on such deposits – the additional words "Security Deposits". (2) A licensed agent must maintain an account opened in accordance with subsection (1). (3) Subsections (1) and (2) do not prevent a licensed agent from opening and maintaining 2 or more trust accounts at an ADI or ADIs under titles that include the matters mentioned in subsection (1)(a) and (b).

Agents Licensing Act 1979 37 (5) If an ADI holds an account of a class for this section it must, on a day or the days agreed with the Fund, pay to the Fund any interest accrued in respect of the account. (6) Subsections (5) and (7) do not apply to or in relation to an account indicated in accordance with subsection (1)(c) as a security deposit account. (7) In this section: account means an account of a particular class or classes (being an account that carries interest at a rate considered satisfactory by the Fund) that has been agreed between the Fund and an ADI to be a class of account approved for this section.