sec.191Keeping trust accounts

### sec.191 Keeping trust accounts A principal licensee must keep a trust account under the Administration Act if an amount is likely to be received by the licensee for a transaction, or with written direction for its use, when performing the activities of a motor dealer or chattel auctioneer. Maximum penalty—200 penalty units or 2 years imprisonment. However, subsection (1) does not apply to a del credere agent for selling livestock under a del credere agreement while the agreement is in force. In this section— amount , likely to be received by a licensee for a transaction or with written direction for its use— includes deposit and purchase monies for a transaction; but does not include an amount payable to the licensee for a transaction in refund of an expense the licensee was authorised to incur and did incur and for which the licensee holds a receipt. del credere agreement means a written agreement between a del credere agent and a livestock seller under which the agent agrees to sell the livestock for the seller and guarantees payment of the purchase price of the livestock to the seller. (sec.191-ssec.1) A principal licensee must keep a trust account under the Administration Act if an amount is likely to be received by the licensee for a transaction, or with written direction for its use, when performing the activities of a motor dealer or chattel auctioneer. Maximum penalty—200 penalty units or 2 years imprisonment. (sec.191-ssec.2) However, subsection (1) does not apply to a del credere agent for selling livestock under a del credere agreement while the agreement is in force. (sec.191-ssec.3) In this section— amount , likely to be received by a licensee for a transaction or with written direction for its use— includes deposit and purchase monies for a transaction; but does not include an amount payable to the licensee for a transaction in refund of an expense the licensee was authorised to incur and did incur and for which the licensee holds a receipt. del credere agreement means a written agreement between a del credere agent and a livestock seller under which the agent agrees to sell the livestock for the seller and guarantees payment of the purchase price of the livestock to the seller. - (a) includes deposit and purchase monies for a transaction; but - (b) does not include an amount payable to the licensee for a transaction in refund of an expense the licensee was authorised to incur and did incur and for which the licensee holds a receipt.