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Conveyancers Act 2006
63When money is received
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63 When money is received
(1) For the purposes of this Act, a licensee receives money when—
(a) the licensee obtains possession or control of it directly; or
(b) the licensee obtains possession or control of it indirectly as a result of its delivery to an associate of the licensee; or
(c) the licensee, or an associate of the licensee (otherwise than in a private and personal capacity), is given a power to deal with money for or on behalf of another person.
(2) For the purposes of this Act, a licensee or associate of a licensee is taken to have received trust money if the money is available to the licensee or associate by means of an instrument or other way of authorising an ADI to credit or debit an amount to an account with the ADI, including, for example, an electronic funds transfer, credit card transaction or telegraphic transfer.