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LAND AGENTS ACT 1994 - SECT 25

LAND AGENTS ACT 1994 - SECT 25

25—ADIs etc to report deficiencies in trust accounts

An ADI with which a trust account has been established must, as soon as practicable, and in any event within 14 days, after becoming aware of a deficiency in that account, report the deficiency to the Commissioner.

Maximum penalty: $20 000.