Div 1Preliminary

Division 1—Preliminary 12—Interpretation of Part 3 (1) In this Part, unless the contrary intention appears— auditor means— (a) a registered company auditor within the meaning of the Corporations Act 2001 of the Commonwealth; or (b) a person who meets the requirements prescribed by regulation for the purposes of this definition; fiduciary default means a defalcation, misappropriation or misapplication of trust money occurring while the money is in the possession or control of— (a) an agent; or (b) a firm of which an agent is a member; record includes information kept by computer, microfilm or other process; trust account, in relation to an agent, means an account in which trust money is required to be deposited by the agent; trust money, in relation to an agent, means money— (a) that is received by the agent when acting as an agent; and (b) to which the agent is not wholly entitled in law and in equity. (2) A reference in this Part to a fiduciary default extends to a fiduciary default that occurred before the commencement of this Act.