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.