CONVEYANCERS LICENSING ACT 2003 - SECT 63
Unclaimed trust money held by former licensee or personal representative
CONVEYANCERS LICENSING ACT 2003 - SECT 63
Unclaimed trust money held by former licensee or personal representative
63 Unclaimed trust money held by former licensee or personal representative
(1) A former licensee, or the personal representative of a deceased licensee,
who holds money in a trust account kept under this Act must furnish to the
Secretary a statement giving particulars of--
(a) the money held in the
trust account as at the date on which the statement is furnished, and
(b) the
names of the persons for whom or on whose behalf the money is held, and
(c)
the address of each of those persons last known to the person furnishing the
statement.
(2) This statement is the first statement that the former licensee
or personal representative is required to furnish and it is to be furnished
within 3 months after the date on which the person ceased to be a licensee or
became the personal representative of the deceased licensee.
(3) The former
licensee or personal representative must furnish a further statement (an
"unclaimed money statement" ) within 14 days after the period of 12 months has
elapsed since the first statement was furnished.
(4) The further statement is
to give particulars of the same matters as the first statement and also
include particulars of any payments made from the trust account or other place
where money is held since the date of the first statement.
(5) A statement
under this section is to be in the form approved by the Secretary.
(6) The
regulations may exempt money or a class of money from the operation of this
section.
