24Trust deposits

#### 24 Trust deposits 24 Trust deposits > > (1) For the purposes of the Act, section 172(2)(d), a licensee who makes a deposit of money to the licensee’s trust account must ensure that— > > > > > (a) the relevant deposit book or other written deposit record is produced to the bank when the deposit is made, and > > > > > (b) the following particulars are entered in the book or record— > > > > > > > (i) the date of the deposit, > > > > > > > (ii) the amount of the deposit, > > > > > > > (iii) whether the deposit consists of cheques, notes or coins, > > > > > > > (iv) if cheques are included in the deposit— > > > > > > > > > (A) the name of the drawer, and > > > > > > > > > (B) the name and branch of the bank on which the cheque is drawn, and > > > > > > > > > (C) the amount of each cheque, > > > > > (c) a duplicate of the particulars of each deposit is kept by the licensee. > > > > Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual. > > > (2) This section does not apply to a deposit of money made directly to a licensee’s trust account by a person other than the licensee, whether electronically or otherwise.