138Accounts regulations

138 Accounts regulations

(1)  Without limiting the generality of section 170 , regulations made under this Act may make provision as to –

(a) the opening and keeping of trust accounts; and

(b) the keeping of accounts and records relating to trust money; and

(c) the production of those accounts and records for inspection; and

(d) the auditing of those accounts; and

(e) the period of retention and subsequent disposal of those accounts.

(2)  As to the opening and keeping of trust accounts, the regulations may, in particular –

(a) require a property agent to furnish to the Board details of the name of any authorised deposit-taking institution at which, and the name in which, the property agent has opened a trust account; and

(b) specify the circumstances in which money other than trust money may be paid into a trust account; and

(c) specify the occasions on which, and the people to whom, money held in a trust account may be paid out; and

(d) require a property agent to provide regular reports, at intervals specified by the regulations, containing prescribed particulars of the property agent's trust account.

(3)  As to the keeping of accounts and records relating to trust money, the regulations may, in particular –

(a) specify where those accounts and records must be kept; and

(b) prescribe the particulars to be included in those accounts and records.

(4)  As to the production of accounts and records of trust money for inspection, the regulations may, in particular, provide for a person authorised for the purpose by the Board –

(a) to enter, at reasonable times, any place where those accounts and records are kept, and to inspect and take copies of them; and

(b) to require a property agent to provide to the person details of all transactions entered into by the property agent in which the property agent received or paid out trust money during such period as that person may specify.