sec.16Trustee to keep records of investments

sec.16 Trustee to keep records of investments

This section applies if a person entitled to trust moneys held by a trustee gives to the trustee a written authority to invest the trust moneys. The trustee must— within 2 days after receiving the authority, invest the moneys in accordance with the authority; and keep a trust account investment ledger containing the following records— an investment control account for all trust moneys invested by the trustee; an investment ledger account for each person on whose behalf an investment is made. Maximum penalty—10 penalty units. (sec.16-ssec.1) This section applies if a person entitled to trust moneys held by a trustee gives to the trustee a written authority to invest the trust moneys. (sec.16-ssec.2) The trustee must— within 2 days after receiving the authority, invest the moneys in accordance with the authority; and keep a trust account investment ledger containing the following records— an investment control account for all trust moneys invested by the trustee; an investment ledger account for each person on whose behalf an investment is made. Maximum penalty—10 penalty units.

• (a) within 2 days after receiving the authority, invest the moneys in accordance with the authority; and
• (b) keep a trust account investment ledger containing the following records— (i) an investment control account for all trust moneys invested by the trustee; (ii) an investment ledger account for each person on whose behalf an investment is made.
• (i) an investment control account for all trust moneys invested by the trustee;
• (ii) an investment ledger account for each person on whose behalf an investment is made.
• (i) an investment control account for all trust moneys invested by the trustee;
• (ii) an investment ledger account for each person on whose behalf an investment is made.