Victorian Consolidated Legislation

Conveyancers Act 2006 - SECT 68

Certain trust money to be deposited in general trust account

68. Certain trust money to be deposited in general trust account



(1) Subject to section 74, as soon as practicable after receiving trust money,
a licensee must deposit the money in a general trust account of the licensee
unless-

   (a)  the licensee has a written direction by an appropriate person to deal
        with it otherwise than by depositing it in the account; or

   (b)  the money is controlled money and the licensee is permitted to deposit
        it in a controlled money account; or

   (c)  the money is transit money; or

   (d)  the money is the subject of a power given to the licensee or an
        associate of the licensee to deal with the money for or on behalf of
        another person.

Penalty: 120 penalty units.

(2) Subject to section 74, a licensee who has received money that is the
subject of a written direction mentioned in subsection (1)(a) must deal with
the money in accordance with the direction-

   (a)  within the period (if any) specified in the direction; or

   (b)  subject to paragraph (a), as soon as practicable after it is received.

Penalty: 120 penalty units.

(3) A licensee must keep a written direction mentioned in subsection (1)(a)
for the period prescribed by the regulations.

Penalty: 60 penalty units.

(4) In this section, appropriate person means a person legally entitled to
give the licensee directions in respect of dealings with the trust money.