Northern Territory Consolidated Acts Northern Territory Consolidated Acts50. Opening of account
(1) A licensed agent shall, within 7 days after the licence is granted to the agent, open an account at an ADI or the Territory Insurance Office in the Territory, being an account under a title that includes:
(a) the name of the agent or, if the agent carries on the business under a business name registered under the Business Names Act the name under which the agent carries on the business;
(b) the words "Trust Account"; and
(c) if it is an account in which only security deposits, within the meaning of the Business Tenancies (Fair Dealings) Act or the Residential Tenancies Act , and interest on such deposits, are held, the additional words "Security Deposits".
(2) A licensed agent shall maintain an account so opened.
(3) Subsections (1) and (2) do not prevent a licensed agent from opening and maintaining 2 or more trust accounts at an ADI or ADIs or the Territory Insurance Office under titles that include the matters referred to in subsection (1)(a) and (b).
(4) In this section account means an account of a particular class or classes (being an account that carries interest at a rate considered satisfactory by the Fund) that has been agreed between the Fund and an ADI or the Territory Insurance Office to be a class of account approved for the purposes of this section.
(5) If an ADI or the Territory Insurance Office holds an account of a class approved under subsection (4), it must, on a day or the days agreed with the Fund, pay to the Fund any interest accrued in respect of the account.
(6) Subsections (4) and (5) do not apply to or in relation to an account indicated in accordance with subsection (1)(c) as a security deposit account.