sec.7Trustee may destroy unused receipt forms

sec.7 Trustee may destroy unused receipt forms

This section applies if an auditor who audits a trustee’s records and trust accounts under the Act reasonably believes the trustee does not intend to use a receipt form. The auditor may give the trustee a written direction to destroy the receipt form. The trustee must not contravene the direction. Maximum penalty—5 penalty units. If the auditor gives a trustee a written direction to destroy a receipt form, the auditor must, as soon as practicable after giving the direction, give to the supervising entity a notice stating— the trustee’s name and address; and the trustee’s general trust account name and number; and the number of the receipt form. Maximum penalty—5 penalty units. In this section— reasonably believes means believes on grounds that are reasonable in the circumstances. (sec.7-ssec.1) This section applies if an auditor who audits a trustee’s records and trust accounts under the Act reasonably believes the trustee does not intend to use a receipt form. (sec.7-ssec.2) The auditor may give the trustee a written direction to destroy the receipt form. (sec.7-ssec.3) The trustee must not contravene the direction. Maximum penalty—5 penalty units. (sec.7-ssec.4) If the auditor gives a trustee a written direction to destroy a receipt form, the auditor must, as soon as practicable after giving the direction, give to the supervising entity a notice stating— the trustee’s name and address; and the trustee’s general trust account name and number; and the number of the receipt form. Maximum penalty—5 penalty units. (sec.7-ssec.5) In this section— reasonably believes means believes on grounds that are reasonable in the circumstances.

• (a) the trustee’s name and address; and
• (b) the trustee’s general trust account name and number; and
• (c) the number of the receipt form.