(1) In this Part,
"failure to account" means a failure by a licensee to account for, pay or
deliver money or other valuable property--
(a) that has been received by or
entrusted to the licensee, or an associate of the licensee, in the course of
the licensee's conveyancing business, and
(b) that is, in the case of money
or other valuable property received by or entrusted to an associate of the
licensee, under the direct or indirect control of the licensee,
being a
failure that arises from an act or omission of the licensee or associate.
(2)
The reference in the definition of
"failure to account" in subsection (1) to money or other valuable property
received by or entrusted to a licensee includes a reference to money or other
valuable property that is received by or entrusted to the licensee as trustee,
agent, bailee or stakeholder, or in any other capacity.