22Schedule of invested trust money

22 Schedule of invested trust money

(1)  If a property agent has invested trust money under regulation 29 , the property agent must prepare a schedule of the invested trust money each time the property agent reconciles the trust account under regulation 21 .

Penalty:  Fine not exceeding 50 penalty units.

(2)  The schedule of invested trust money is to contain –

(a) the names in which the trust money has been invested; and

(b) a statement of how the trust money has been invested for and on behalf of the parties to the transaction; and

(c) the amount of trust money that has been invested and, if the trust money has been invested with more than one person or in more than one manner, the amount of trust money invested with each such person or in each such manner.

(3)  The property agent must keep the schedules of invested trust money with the reconciliation records and schedule of ledger accounts reconciled under regulation 21 .

Penalty:  Fine not exceeding 50 penalty units.