29Trust account ledger—the Act, s 86

29 Trust account ledger—the Act, s 86

29 Trust account ledger—the Act, s 86

(1) A licensee must maintain a separate ledger account for trust money received on behalf of or paid to each person on behalf of whom the licensee acts.

(2) Each ledger account must include—

(a) the name of the person on behalf of whom the licensee acts, and

(b) a reference number or other identification, and

(c) particulars of each transaction affecting the trust money.

(3) The particulars of a transaction must include the following—

(a) the date of the transaction,

(b) a description of the transaction,

(c) particulars sufficient to identify the trust record originating the transaction,

(d) the amount of the transaction,

(e) the resulting current balance of account arising from the transaction.

Maximum penalty—

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

(b) otherwise—20 penalty units.