26Trust deposits—the Act, s 86

26 Trust deposits—the Act, s 86

26 Trust deposits—the Act, s 86

(1) If a licensee makes a deposit of money to the licensee’s trust account, the licensee must ensure—

(a) the relevant deposit book or other written deposit record is produced to the authorised deposit-taking institution when the deposit is made, and

(b) the following particulars are entered in the book or record—

(i) the date of the deposit,

(ii) the amount of the deposit,

(iii) whether the deposit consists of cheques, notes or coins,

(iv) if cheques are included in the deposit—

(A) the name of the drawer, and

(B) the name and branch of the authorised deposit-taking institution on which the cheque is drawn, and

(C) the amount of each cheque,

(c) a duplicate of the particulars of each deposit is kept by the licensee.

(2) This section does not apply to a deposit of money made directly to a licensee’s trust account, electronically or otherwise.

Maximum penalty—

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

(b) otherwise—20 penalty units.