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.