Northern Territory Consolidated Acts Northern Territory Consolidated Acts23. Moneys held on trust
(1) Subject to this Act, all moneys received for or on behalf of a person by an agent shall be held by the agent exclusively for that person.
(2) All moneys received by an agent on behalf of any person shall be paid into and held in a trust account with an ADI in the Territory or the Territory Insurance Office in the name of the agent.
(3) An agent shall pay into his trust account any moneys required to be paid into that trust account within 2 working days of receipt of those moneys.
(4) Where an agent receives money from a person upon whom he has served a summons or against whom he has executed a warrant, the agent shall immediately notify the Commissioner of the receipt of that money.
(5) No moneys shall be paid out of an agent's trust account otherwise than to or as directed by the person on whose behalf the agent holds those moneys.
Penalty: 20 penalty units or imprisonment for 12 months.