23Payment of trust money—the Act, s 172

#### 23 Payment of trust money—the Act, s 172 23 Payment of trust money—the Act, s 172 > > (1) A licensee must ensure that trust money is not drawn from the licensee’s trust account other than by cheque or electronic funds transfer. > > > (2) A cheque drawn from the licensee’s trust account must— > > > > > (a) be machine numbered in series, and > > > > > (b) be marked “not negotiable”, and > > > > > (c) not be payable to cash, and > > > > > (d) contain the name of the licensee, or, if appropriate, the business name under which the licensee conducts the conveyancing business, and the words “Trust Account”, and > > > > > (e) be signed by the licensee or another person authorised under section 29 to sign the cheque. > > > (3) The licensee must ensure— > > > > > (a) each cheque is drawn in the numerical order of the series to which the cheque belongs, and > > > > > (b) a record of the following is kept for each cheque— > > > > > > > (i) the number of the cheque, > > > > > > > (ii) the date the cheque was prepared, > > > > > > > (iii) the payee for the cheque, > > > > > > > (iv) the amount of the cheque, > > > > > > > (v) details identifying the ledger account to be debited, > > > > > > > (vi) the name and ledger reference number of the person on whose behalf the cheque was drawn, > > > > > > > (vii) the reason for drawing the cheque. > > > (4) The licensee must ensure a record of the following is kept for each electronic funds transfer from the licensee’s trust account— > > > > > (a) the name of the person effecting the transfer, > > > > > (b) if the transfer is effected under the direction of another person or under an authority delegated under section 29—the name of the person under whose direction or delegation the transfer is effected, > > > > > (c) the reference number or other particulars sufficient to identify— > > > > > > > (i) the transfer, and > > > > > > > (ii) the date of the transfer, and > > > > > > > (iii) the payee and the amount transferred to or from each ledger account, > > > > > (d) details identifying— > > > > > > > (i) the ledger accounts to be debited, and > > > > > > > (ii) the name and ledger reference number of each person on whose behalf the transfer was made, > > > > > (e) particulars of the reason for the transfer. > > Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.