Victorian Consolidated Legislation

Conveyancers Act 2006 - SECT 64

Written direction for controlled money

64. Written direction for controlled money



(1) Subject to the regulations, a person may give a written direction to a
licensee to deposit money received by the licensee on behalf of the person in
an account (other than a general trust account) over which the licensee has or
will have exclusive control.

(2) The regulations may prescribe the circumstances in which a direction can
or cannot be made under this section.





(3) Without limiting subsection (2), the regulations may prescribe the
circumstances in which a direction can or cannot be made under this section by
reference to-

   (a)  the amount of money that may be the subject of a direction;

   (b)  the type of transaction in respect of which the money is received or
        held by the licensee;

   (c)  the length of time for which the money is to be deposited.