Victorian Consolidated Legislation

Conveyancers Act 2006 - SECT 62

Definitions

62. Definitions



(1) In this Part-



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approved ADI means an ADI that has an arrangement with the Secretary under
section 91; approved auditor means a person who is an approved auditor under
section 83; audit period, for a licensee, means the year ending on 30 June or
any other date fixed by the Director under subsection (2); controlled money
means money received or held by a licensee in respect of which the licensee
has a written direction that is permitted under section 64 to deposit the
money in an account (other than a general trust account) over which the
licensee has or will have exclusive control; controlled money account means an
account maintained by a licensee with an ADI for the holding of controlled
money received by the licensee;

deficiency in a trust account or trust ledger account includes the
non-inclusion or exclusion of the whole or any part of an amount that is
required to be included in the account; deposit record includes a deposit slip
or duplicate deposit slip; electronic funds transfer includes a transfer of
money over the Internet but does not include a withdrawal or transfer of money
carried out by telephone banking; general trust account means an account
maintained by a licensee with an approved ADI for the holding of trust money
received by the licensee, other than controlled money or transit money;
permanent form, in relation to a trust record, means printed or, on request,
capable of being printed, in English on paper or other material; power
includes authority; transit money means money received by a licensee subject
to instructions to pay or deliver it to a third party, other than an associate
of the licensee; trust account means an account maintained by a licensee with
an approved ADI to hold trust money; trust money means money entrusted to a
licensee in the course of or in connection with the carrying out of
conveyancing work by the licensee, and includes-

   (a)  money received by the licensee on account of fees and charges in
        advance of carrying out the work; and

   (b)  controlled money received by the licensee; and

   (c)  transit money received by the licensee; and

   (d)  money received by the licensee, that is the subject of a power,
        exercisable by the licensee or an associate of the licensee, to deal
        with the money for or on behalf of another person; trust records
        includes the following documents-

   (a)  receipts;

   (b)  cheque butts or cheque requisitions;

   (c)  records of authorities to withdraw by electronic funds transfer;

   (d)  deposit records;

   (e)  ADI statements relating to trust accounts;

   (f)  trust account receipts and payments cash books;

   (g)  trust ledger accounts;

   (h)  records of monthly trial balances;

   (i)  records of monthly reconciliations;

   (j)  trust transfer journals;

   (k)  statements of account as required to be furnished under the
        regulations;

   (l)  registers required to be kept under the regulations;

   (m)  monthly statements required to be kept under the regulations;

   (n)  files relating to trust transactions or invoices or both;

   (o)  written directions, authorities or other documents required to be kept
        under this Act or the regulations;

   (p)  supporting information required to be kept under the regulations in
        relation to powers to deal with trust money.

(2) For the purposes of the definition of audit period in subsection (1), the
Director may by order in writing served on a licensee fix any date as the date
on which an audit period ends for that licensee.

(3) An order under subsection (2) may be made-

   (a)  on the initiative of the Director or on the application of the
        relevant licensee; and

   (b)  subject to any conditions, and with any limitations as to time or
        circumstances, that the Director considers to be appropriate.

(4) A reference in this Part to a licensee's trust account or trust records
includes a reference to an associate's trust account or trust records.

(5) A reference in this Part to a power given to a licensee or an associate of
the licensee to deal with money for or on behalf of another person is a
reference to a power given to the licensee or associate that is exercisable
by-

   (a)  the licensee alone; or

   (b)  an associate of the licensee alone (otherwise than in a private and
        personal capacity); or

   (c)  the licensee or an associate of the licensee jointly or severally, or
        jointly and severally, with either or both of the following-

   (i)  one or more associates of the licensee;

   (ii) the person, or one or more nominees of the person, for whom or on
        whose behalf the money may or is to be dealt with under the power.