16Keeping of records generally

#### 16 Keeping of records generally 16 Keeping of records generally > > (1) For the purposes of the Act, section 172(2)(d), a licensee must keep the records required to be kept under this Part in viewable form. > > > (2) A licensee must keep the records, including any records kept electronically, at the place of business where the licensee conducts the conveyancing business under the licence. > > > (3) A licensee who conducts a conveyancing business under a licence at more than 1 place of business is taken to comply with subsection (2) if the licensee— > > > > > (a) keeps the records relating to business transacted at a particular place of business at that place of business, or > > > > > (b) keeps the records relating to the business transacted at each place of business at 1 place of business specified in a written notice given to the Secretary. > > > (4) A licensee must, within 21 days after the end of each named month— > > > > > (a) compile with the records kept by the licensee under this Part the original, or a true copy, of the trial balance statement prepared by the licensee in accordance with section 28 for the named month, and > > > > > (b) maintain a summary of the total of trust money disclosed in the trial balance statements for the named month. > > Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.