24Banking of trust money—the Act, s 86

24 Banking of trust money—the Act, s 86

24 Banking of trust money—the Act, s 86

A licensee who receives trust money must pay it into the licensee’s trust account—

(a) before the end of the next business day after the day of its receipt, if practicable, or

(b) if not practicable, as soon as practicable after that day.

Maximum penalty—

(a) for a corporation—40 penalty units, or

(b) otherwise—20 penalty units.