118Protection of trust money

118 Protection of trust money

(1)  This section applies where the Board considers it necessary to protect trust money in a trust account with an authorised deposit-taking institution held by –

(a) a real estate agent named in Part 1(1) of the Register; or

(b) a property manager named in Part 2(1) of the Register; or

(c) a general auctioneer named in Part 3(1) of the Register.

(2)  The Board may, by notice served on the authorised deposit-taking institution, instruct the authorised deposit-taking institution not to permit any withdrawal to be made from the account without the Board's written consent until the Board instructs it otherwise.

(3)  A notice under subsection (2) is to give details of the trust account and be signed by the Chair of the Board or by an officer of the Board authorised to do so.

(4)  An authorised deposit-taking institution must comply with an instruction contained in a notice served on it under subsection (2) .

Penalty:  Fine not exceeding 50 penalty units.