60Secretary's power to enter into arrangements with financial institutions

60 Secretary's power to enter into arrangements with financial institutions S. 60(1) amended by Nos 86/1994 s. 30(a)(b), 52/1998 s. 96, 1/2010 s. 14(1). (1) The Secretary may enter into an arrangement with a financial institution for the keeping of estate agents' trust accounts. S. 60(2) amended by Nos 86/1994 s. 30(a), 52/1998 s. 96, 48/2018 s. 56. (2) An arrangement entered into by the Secretary under subsection (1), may provide for all or any of the following matters— S. 60(2)(a) amended by Nos 86/1994 s. 30(a), 52/1998 s. 96. (a) The payment of interest on the whole or any part of deposits in estate agents' trust accounts to the Secretary; S. 60(2)(b) amended by Nos 86/1994 s. 30(a), 52/1998 s. 96. (b) The manner by which the Secretary is informed of amounts held in estate agents' trust accounts; (c) The auditing of balances in estate agents' trust accounts; (d) Any other relevant matter. S. 60(3) amended by Nos 86/1994 s. 30(a), 52/1998 s. 96, 17/2004 s. 7(2). (3) Any interest received by the Secretary under an arrangement entered into under subsection (1) must be paid into the Fund. (4) An estate agent must not maintain a trust account at a financial institution which is not an authorised financial institution. S. 60(5) amended by Nos 86/1994 s. 30(a), 52/1998 s. 96, 1/2010 s. 14(2). (5) An estate agent must comply with an arrangement entered into by the Secretary with a financial institution under this section. S. 60(6) amended by No. 86/1994 s. 30(a)(c), repealed by No. 1/2010 s. 14(3). S. 60A inserted by No. 29/1989 s. 16, repealed by No. 86/1994 s. 31. S. 61 amended by Nos 10028 s. 34, 29/1989 s. 17, substituted by No. 86/1994 s. 31, amended by No. 52/1998 s. 97, repealed by No. 1/2010 s. 15. S. 62 amended by No. 86/1994 s. 47(zn)(i)(ii).