Northern Territory Consolidated Acts

AGENTS LICENSING ACT - SECT 55

(1) A licensed agent shall keep such accounting records as disclose particulars of:

(a) all trust moneys received from day to day by the agent on behalf of each principal for whom he or she acts; and

(b) all payments made by the agent from day to day out of the trust moneys so received.

(2) A licensed agent shall:

(a) keep the accounting records referred to in subsection (1):

(i) in written or printed form in the English language; or

(ii) so as to enable them to be readily accessible and readily convertible into written or printed form in the English language;

(b) cause those records to be kept in such a manner that they can be conveniently and properly audited; and

(c) retain those records for a period of not less than 6 years after the date on which the last entry in those records was made.

Penalty: If the offender is a natural person - 100 penalty units or imprisonment for 12 months.

If the offender is a body corporate - 500 penalty units.