52Operation of trust account

52 Operation of trust account (1) When a licensed agent receives trust moneys, he or she shall pay those moneys into a trust account maintained by him or her. (2) A payment under subsection (1) shall be made as soon as is reasonably practicable after the licensed agent receives the trust moneys. (3) A licensed agent shall not pay money out of a trust account maintained by him or her except by means of a cheque made payable to a specified person, being a cheque that is crossed and marked "not negotiable". (4) A licensed agent shall not withdraw money from a trust account maintained by him or her except for the purpose of: (a) payment of his or her commission under contract; or (b) payment to, or disbursement according to the directions in writing of, the person for whom, or on whose behalf, the money was received; or

Agents Licensing Act 1979 38 (c) repaying a debt lawfully required to be repaid from trust moneys.