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.