24Duty of receiver

24 Duty of receiver

A receiver appointed in respect of trust money held by a conveyancer must –

(a) take control of any trust money in the conveyancer’s possession or under his or her control; and

(b) gather in any trust money not in the conveyancer’s possession or under his or her control; and

(c) distribute that money to any person entitled to it, as and when he or she becomes entitled to it, and in the meantime act as trustee of that money in the same capacity as that in which the conveyancer was acting, and subject to the same obligations; and

(d) report to the Director any insufficiency in respect of the trust money.

Penalty:  Fine not exceeding 20 penalty units.