62Definitions

62 Definitions

(1) In this Part—

S. 62(1) def. of affairs repealed by No. 17/2007 s. 22(1)(a).

approved ADI means an ADI that has an arrangement with the Secretary under section 91;

approved auditor means a person who is an approved auditor under section 83;

audit period, for a licensee, means the year ending on 30 June or any other date fixed by the Director under subsection (2);

controlled money means money received or held by a licensee in respect of which the licensee has a written direction that is permitted under section 64 to deposit the money in an account (other than a general trust account) over which the licensee has or will have exclusive control;

S. 62(1) def. of controlled money account amended by No. 17/2007 s. 22(1)(b).

controlled money account means an account maintained by a licensee with an ADI for the holding of controlled money received by the licensee;

deficiency in a trust account or trust ledger account includes the non-inclusion or exclusion of the whole or any part of an amount that is required to be included in the account;

deposit record includes a deposit slip or duplicate deposit slip;

electronic funds transfer includes a transfer of money over the Internet but does not include a withdrawal or transfer of money carried out by telephone banking;

general trust account means an account maintained by a licensee with an approved ADI for the holding of trust money received by the licensee, other than controlled money or transit money;

permanent form, in relation to a trust record, means printed or, on request, capable of being printed, in English on paper or other material;

power includes authority;

transit money means money received by a licensee subject to instructions to pay or deliver it to a third party, other than an associate of the licensee;

trust account means an account maintained by a licensee with an approved ADI to hold trust money;

trust money means money entrusted to a licensee in the course of or in connection with the carrying out of conveyancing work by the licensee, and includes—