90Deficiency in trust account

90 Deficiency in trust account S. 90(1) amended by Nos 9576 s. 11(1)(Sch.), 9945 s. 3(1) (Sch. 1 item 18(a)(b)). (1) If at any time there is a deficiency of money in or payable into any trust account of any estate agent the estate agent shall, unless he gives a sufficient and satisfactory explanation of the deficiency, be guilty of an indictable offence and shall be liable, if a corporation, to a penalty of not more than 200 penalty units or, if any other person, to a penalty of not more than 100 penalty units or, to imprisonment for a term of not more than two years. S. 90(2) amended by No. 9848 s. 18(1). (2) A prosecution under this section shall not be commenced without the written consent of the Director of Public Prosecutions. S. 90(3) inserted by No. 103/2004 s. 39(2). (3) This section does not apply to a deficiency of money in or payable into a trust account if— (a) the deficiency was caused solely by an error by an authorised deposit-taking institution or by inadvertence; and (b) the deficiency is rectified within 2 business days of its discovery. S. 91 amended by Nos 9576 s. 11(1)(Sch.), 9945 s. 3(1)(Sch. 1 item 19(a)(b)), 41/2003 s. 48 (ILA s. 39B(1)).