123Definitions

#### 123 Definitions 123 Definitions > In this Part— > > associate, in relation to a licensee, has the meaning given to it by section 124. > > expenses, in relation to management, means— > > > (a) the remuneration payable to the manager, or > > > (b) the expenses incurred in the course of the management or receivership, or > > > (c) the costs of legal proceedings involved in the management or receivership, or > > > (d) any reimbursement of the manager or receiver under this Part. > > failure to account has the meaning given to it by section 125. > > licensee includes— > > > (a) a firm of licensees, and > > > (b) a former licensee, and > > > (c) in relation to anything done or omitted by a licensee—a deceased licensee and a deceased former licensee, and > > > (d) except in relation to anything done or omitted by a licensee—the personal representative of a deceased licensee or a deceased former licensee. > > Operating Account means the Department of Fair Trading Operating Account or a departmental account prescribed by the regulations for the purposes of this definition. > > property, in relation to a licensee, means— > > > (a) money or other property received by the licensee on behalf of another person in the conduct of the licensee’s business, or > > > (b) interest, dividends, income, profits or other property derived from or acquired with money or other property referred to in paragraph (a), or > > > (c) documents and records of any description relating to anything referred to in paragraph (a) or (b) or to the licensee’s business, or > > > (d) any means by which any records referred to in paragraph (c) that are not written may be reproduced in writing, > > and, in relation to a licensee whose business is under management, includes any property of the business. > > receivable property means property of a licensee or an associate of a licensee that is the subject of an order appointing a receiver, and includes property that, but for its having being taken, paid or transferred unlawfully or in breach of trust, would be receivable property. > > receiver means a receiver appointed by the Supreme Court under this Part. > > relevant associate means a licensee’s associate of whose property a receiver has been appointed under this Part. > > relevant licensee means a licensee of whose property a receiver has been appointed.