58Overdrawn trust accounts

#### 58 Overdrawn trust accounts 58 Overdrawn trust accounts > When an authorised deposit-taking institution becomes aware that a trust account kept with it under this Part is overdrawn, the institution must as soon as practicable (and in any case within 5 business days) after becoming so aware inform the Secretary of the following by notice in writing— > > > (a) the name and business address of the licensee concerned, > > > (b) the name and number of the account, > > > (c) the date on which the account became overdrawn, > > > (d) the amount by which the account is overdrawn. > > Maximum penalty—100 penalty units.