56Receipt for trust moneys

56 Receipt for trust moneys (1) A licensed agent shall give to a person from whom the agent receives trust moneys a receipt clearly marked with the words "Trust Account" and adequately specifying the subject-matter or purpose in respect of which the money was received. (2) A licensed agent shall keep a legible carbon duplicate of a receipt given in accordance with subsection (1). (3) A receipt relating to trust moneys shall be taken from a book that bears a number or mark identifying the book and contains not less than 50 receipt forms so arranged that a carbon duplicate of each receipt remains in the book. (4) A receipt and the carbon duplicate shall bear the same number or mark, being such number or mark as enables the receipt to be identified by reference to that number or mark. (5) Subsections (2), (3) and (4) do not apply in relation to a licensed agent who, in accordance with an authority given by the Board for the purpose of this subsection, issues receipts in a manner specified in the authority.

Agents Licensing Act 1979 40