South Australian Consolidated Acts South Australian Consolidated Acts13—Trust money to be deposited in trust account
(1) An agent must, as
soon as practicable after receiving trust money, deposit the money in an
account (in the name of the agent) approved by the Commissioner at an ADI.
Maximum penalty: $20 000.
(2) An agent must not
pay any other money into the agent's trust account.
Maximum penalty: $20 000.
(3) An agent must not
withdraw, or permit another person to withdraw, money from a trust account
except in accordance with this Part.
Maximum penalty: $20 000.
(4) The Commissioner
may, by notice in writing to an ADI—
(a)
approve accounts of a particular class (being accounts that carry interest at
a rate considered satisfactory by the Commissioner) for the purposes of this
section; or
(b) vary
or revoke any such approval.