30Account in the name of a licensee—the Act, s 172

#### 30 Account in the name of a licensee—the Act, s 172 30 Account in the name of a licensee—the Act, s 172 > > (1) A licensee may maintain in the licensee’s trust account ledger an account in the licensee’s name— > > > > > (a) for the purpose of aggregating in the account, by transfer from other accounts in the trust account ledger, money properly due to the licensee for costs and disbursements, and > > > > > (b) for money in which the licensee has a personal and beneficial interest as a vendor, purchaser, mortgagor, mortgagee, lessor, lessee or other like capacity. > > > (2) The licensee must withdraw money held in an account under subsection (1)(a) not later than 21 days after the day on which the money is transferred to the account. > > > (3) The licensee must withdraw money held in an account under subsection (1)(b)— > > > > > (a) at the conclusion of the matter to which the money relates, or > > > > > (b) if the money comprises rent, interest, instalments of principal or other periodic payments—not later than 6 months after the date on which the money was credited to the account. > > Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.