22Receipts for trust money—the Act, s 86

22 Receipts for trust money—the Act, s 86

22 Receipts for trust money—the Act, s 86

(1) A licensee must, immediately on receiving trust money, prepare or cause to be prepared a receipt for the trust money.

(2) When the receipt is prepared—

(a) from the trust receipt book—a copy of the entries made on the receipt must be made simultaneously on the machine-numbered duplicate form provided in the book, or

(b) otherwise than from a trust receipt book—a copy of the entries made on the receipt must be made simultaneously in the record required to be kept by section 27.

(3) The following particulars must be shown on the receipt—

(a) the date of issue,

(b) the number of the receipt in numerical sequence,

(c) the name of the licensee and the words “Trust Account”,

(d) the name of the person from whom the payment was received,

(e) the name and ledger reference number of the person on behalf of whom the payment was made,

(f) particulars sufficient to identify the transaction in relation to which the money was paid,

(g) the amount of money received,

(h) whether, or the extent to which, the money was paid in cash, by cheque, by electronic funds transfer or otherwise.

(4) When a receipt is issued by a licensee for rent collected, the receipt must also show—

(a) the date to which rent has been calculated, and

(b) the position of the rental account at that date.

(5) Receipts must be prepared in the numerical order of the series to which they belong.

(6) The original of a receipt must be issued, on demand, to the person from whom the trust money is received.

(7) A licensee must keep the following—

(a) an original receipt that is not issued to the person from whom the trust money is received,

(b) an original receipt that is cancelled after it is prepared,