CONVEYANCERS ACT 2006 - SECT 7 Failure to account

CONVEYANCERS ACT 2006 - SECT 7

    (1)     In this Act, a failure to account means a failure by a licensee to account for, pay or deliver money or other valuable property—

        (a)     that has been received or entrusted to the licensee, or an associate of the licensee, in the course of the licensee's conveyancing business; and

        (b)     in the case of money or other valuable property received by or entrusted to an associate of the licensee, that is under the direct or indirect control of the licensee—

whether the failure arises from an act or omission of the licensee or an associate of the licensee.

    (2)     For the purposes of subsection (1), the reference to money or other valuable property received by or entrusted to a licensee includes a reference to money or other valuable property received by or entrusted to the licensee as trustee, agent, bailee or stakeholder, or in any other capacity.

Part 2—Licensing of conveyancers

Division 1—Requirement for licensing