140Inspection of records of authorised deposit-taking institutions, &c.

140 Inspection of records of authorised deposit-taking institutions, &c.

(1)  The Board may serve a written notice, on any authorised deposit-taking institution where accounts may be kept, requiring the institution before a date specified in the notice –

(a) to notify the Board whether an account that contains or contained trust money is, or has been, kept at the institution by a property agent or former property agent; and

(b) to send or deliver to the Board a written statement of any particulars relating to any account that contains or contained trust money that is, or has been, kept at the institution; and

(c) to produce, for inspection by a person authorised for the purpose by the Board, a document or record in the possession of, or under the control of, the institution relating to any account that contains or contained trust money that is, or has been, kept at the institution; and

(d) to allow a person authorised for the purpose by the Board to take a copy of any document or record in the possession of, or under the control of, the institution relating to any account that contains or contained trust money that is, or has been, kept at the institution, or, if so required by that person, to provide that person with a copy of any such document or record.

(2)  An authorised deposit-taking institution must comply with a notice served on it under subsection (1) .

Penalty:  Fine not exceeding 500 penalty units.