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.