125Failure to account

125 Failure to account

125 Failure to account

(1) In this Part, failure to account means a failure by a licensee to account for, pay or deliver money or other valuable property—

(a) that has been received by or entrusted to the licensee, or an associate of the licensee, in the course of the carrying on of the licensee’s business, and

(b) that is, in the case of money or other valuable property received by or entrusted to an associate of the licensee, under the direct or indirect control of the licensee,

being a failure that arises from an act or omission of the licensee or associate.

(2) The reference in the definition of failure to account in subsection (1) to money or other valuable property received by or entrusted to a licensee includes a reference to money or other valuable property that is received by or entrusted to the licensee as trustee, agent, bailee or stakeholder, or in any other capacity.