South Australian Consolidated Regulations

COMMUNITY TITLES REGULATIONS 1996 - REG 31

31—Receipt of trust money

        (1)         For the purposes of section 126(2)(a) of the Act, the receipt that an agent must make available to a person making a payment of trust money must—

            (a)         be legibly written on a form comprised in a series of consecutively pre-numbered duplicate receipt forms marked with the name of the agent and the words "Trust Account"; and

            (b)         contain the following information:

                  (i)         —

                        (A)         in the case of a payment made by electronic transfer of funds into an agent's trust account—the date on which the agent makes out the receipt;

                        (B)         in any other case—the date of the payment;

                  (ii)         the name of the person making the payment;

                  (iii)         whether the payment is by cash, cheque, bank cheque or electronic transfer of funds into the agent's trust account and, if the payment is by cheque or bank cheque, the name of the drawer of the cheque;

                  (iv)         the name of the corporation for whom the money is received;

                  (v)         brief particulars of the purpose of the payment;

                  (vi)         the amount of the payment.

        (2)         An agent need not comply with subregulation (1)(a) if the agent uses a computer program to make out the receipt and the program—

            (a)         automatically produces in chronological sequence consecutively numbered receipts marked with the name of the agent and the words "Trust Account"; and

            (b)         automatically makes a separate contemporaneous record of the receipt so that, at any time, a hard copy of the receipt may be produced; and

            (c)         requires input in each field of a data entry screen intended to receive information for the purposes of producing the receipt so that each receipt contains all of the information required by subregulation (1)(b).

        (3)         An agent must make out a receipt in accordance with this regulation—

            (a)         in the case of a payment made by electronic transfer of funds into an agent's trust account—immediately the agent receives official confirmation that the payment has been made (whether that is by way of receipt by the agent of a statement from a financial institution or some other way, whichever occurs sooner); or

            (b)         in any other case—immediately on receipt of payment.