57Interest earned on trust accounts to be paid to Statutory Interest Account

#### 57 Interest earned on trust accounts to be paid to Statutory Interest Account 57 Interest earned on trust accounts to be paid to Statutory Interest Account > > (1) Sections 90 and 91 of the [Property and Stock Agents Act 2002](/view/html/inforce/current/act-2002-066) apply in respect of all money held in a general trust account under this Division as if— > > > > > (a) the trust account were a trust account opened and kept under section 86 of that Act, and > > > > > (b) the licensee who opened and keeps the trust account were a licensee under that Act. > > > > Note. > > > > Section 90 of the [Property and Stock Agents Act 2002](/view/html/inforce/current/act-2002-066) provides for interest earned on trust accounts to be paid to the Statutory Interest Account. Section 91 requires authorised deposit-taking institutions to notify the Secretary of certain matters with respect to trust accounts kept with the institution, including the number of trust accounts opened with the institution during a month and the names of the licensees who opened the accounts. > > > (2) A licensee must, when opening a trust account at an authorised deposit-taking institution under this Division, ensure that the authorised deposit-taking institution is notified that the trust account is, for the purposes of sections 90 and 91 of the [Property and Stock Agents Act 2002](/view/html/inforce/current/act-2002-066), to be regarded as a trust account required by that Act. Such a notification is, for the purposes of those sections, to be regarded as a notification that the trust account concerned is required by that Act. > > **s 57:** Subst 2006 No 33, Sch 1 \[18\]. Am 2018 No 5, Sch 2.5\[1\].