sec.6Accounts to be kept by trustees

### sec.6 Accounts to be kept by trustees A trustee shall keep or cause to be kept in written or printed form in the English language such accounting and other records of all trust moneys and of any disbursement or disposal thereof or dealing therewith as will sufficiently explain the transactions and true position in regard thereto and enable true and fair accounts to be prepared from time to time and shall keep or cause to be kept those records in such manner as to enable them to be conveniently and properly audited. Maximum penalty—10 penalty units. Where trust moneys are disbursed by a trustee by way of investment which the trustee has been lawfully directed to subsequently realise with a view to the disposal of the proceeds in accordance with the directions of the person entitled thereto then, where the investments are in the name of the trustee or under the trustee’s control or the trustee has authority for disposal thereof, the duty of the trustee under this Act with respect to the keeping of accounts and other records of trust moneys and accounting therefor extends at all times in relation to the investments in all respects as if the investments were trust moneys within the meaning of this Act. Unless— the supervising entity otherwise approves in writing; or an auditor has actual possession of a trustee’s accounting and other records relating to trust moneys for the time reasonably necessary to audit them under this or any other Act; a trustee must keep all accounting and other records relating to trust moneys at the trustee’s sole or principal place of business or at another place of the trustee’s business the supervising entity approves in writing. Maximum penalty—10 penalty units. Subject to the Evidence Act 1977 , section 111 a trustee shall retain for a period of not less than 7 years, the records referred to in subsection (1) . Maximum penalty—10 penalty units. Without affecting the generality of subsection (1) , a trustee— shall keep or cause to be kept such books, accounts and records as may be prescribed; and shall keep or cause to be kept the trustee’s books, accounts and records in such form and manner as may be prescribed. Maximum penalty—10 penalty units. For the purposes of this section any account or record required to be kept by a trustee may be kept either by making entries in a bound book or by recording the matters in question in any other way. Where any account or record required by this section to be kept by a trustee is not kept by making entries in a bound book the trustee shall take reasonable precautions for guarding against falsification and for facilitating discovery of any falsification. Maximum penalty—10 penalty units. Every entry in any book, account or record kept by or belonging to a trustee or found at the trustee’s place of practice or business shall be deemed, until the contrary is shown to have been made by or at the direction of the trustee. The power to make regulations under section 41 includes power to prohibit— the keeping of specified books, accounts or records by a trustee; and the keeping of books, accounts or records by a trustee in a specified form or manner; and the adoption by a trustee of specified accounting procedures in respect of the trustee’s books, accounts and records. s 6 amd 1997 No. 55 s 7 (sec.6-ssec.1) A trustee shall keep or cause to be kept in written or printed form in the English language such accounting and other records of all trust moneys and of any disbursement or disposal thereof or dealing therewith as will sufficiently explain the transactions and true position in regard thereto and enable true and fair accounts to be prepared from time to time and shall keep or cause to be kept those records in such manner as to enable them to be conveniently and properly audited. Maximum penalty—10 penalty units. (sec.6-ssec.2) Where trust moneys are disbursed by a trustee by way of investment which the trustee has been lawfully directed to subsequently realise with a view to the disposal of the proceeds in accordance with the directions of the person entitled thereto then, where the investments are in the name of the trustee or under the trustee’s control or the trustee has authority for disposal thereof, the duty of the trustee under this Act with respect to the keeping of accounts and other records of trust moneys and accounting therefor extends at all times in relation to the investments in all respects as if the investments were trust moneys within the meaning of this Act. (sec.6-ssec.3) Unless— the supervising entity otherwise approves in writing; or an auditor has actual possession of a trustee’s accounting and other records relating to trust moneys for the time reasonably necessary to audit them under this or any other Act; a trustee must keep all accounting and other records relating to trust moneys at the trustee’s sole or principal place of business or at another place of the trustee’s business the supervising entity approves in writing. Maximum penalty—10 penalty units. (sec.6-ssec.4) Subject to the Evidence Act 1977 , section 111 a trustee shall retain for a period of not less than 7 years, the records referred to in subsection (1) . Maximum penalty—10 penalty units. (sec.6-ssec.5) Without affecting the generality of subsection (1) , a trustee— shall keep or cause to be kept such books, accounts and records as may be prescribed; and shall keep or cause to be kept the trustee’s books, accounts and records in such form and manner as may be prescribed. Maximum penalty—10 penalty units. (sec.6-ssec.6) For the purposes of this section any account or record required to be kept by a trustee may be kept either by making entries in a bound book or by recording the matters in question in any other way. (sec.6-ssec.7) Where any account or record required by this section to be kept by a trustee is not kept by making entries in a bound book the trustee shall take reasonable precautions for guarding against falsification and for facilitating discovery of any falsification. Maximum penalty—10 penalty units. (sec.6-ssec.8) Every entry in any book, account or record kept by or belonging to a trustee or found at the trustee’s place of practice or business shall be deemed, until the contrary is shown to have been made by or at the direction of the trustee. (sec.6-ssec.9) The power to make regulations under section 41 includes power to prohibit— the keeping of specified books, accounts or records by a trustee; and the keeping of books, accounts or records by a trustee in a specified form or manner; and the adoption by a trustee of specified accounting procedures in respect of the trustee’s books, accounts and records. - (a) the supervising entity otherwise approves in writing; or - (b) an auditor has actual possession of a trustee’s accounting and other records relating to trust moneys for the time reasonably necessary to audit them under this or any other Act; - (a) shall keep or cause to be kept such books, accounts and records as may be prescribed; and - (b) shall keep or cause to be kept the trustee’s books, accounts and records in such form and manner as may be prescribed. - (a) the keeping of specified books, accounts or records by a trustee; and - (b) the keeping of books, accounts or records by a trustee in a specified form or manner; and - (c) the adoption by a trustee of specified accounting procedures in respect of the trustee’s books, accounts and records.