LAND AGENTS ACT 1994 - SECT 12
LAND AGENTS ACT 1994 - SECT 12
(1) In this Part,
unless the contrary intention appears—
"auditor" means—
(a) a
registered company auditor within the meaning of the Corporations Act 2001 of
the Commonwealth; or
(b) a
person who meets the requirements prescribed by regulation for the purposes of
this definition;
"fiduciary default" means a defalcation, misappropriation or misapplication of
trust money occurring while the money is in the possession or control
of—
(a) an
agent; or
(b) a
firm of which an agent is a member;
"record" includes information kept by computer, microfilm or other process;
"trust account", in relation to an agent, means an account in which
trust money is required to be deposited by the agent;
"trust money", in relation to an agent, means money—
(a) that
is received by the agent when acting as an agent; and
(b) to
which the agent is not wholly entitled in law and in equity.
(2) A reference in
this Part to a fiduciary default extends to a fiduciary default that occurred
before the commencement of this Act.