Victorian Consolidated Legislation

Conveyancers Act 2006 - SECT 91

Arrangements with ADIs

91. Arrangements with ADIs



(1) The Secretary may make an arrangement with an ADI for the keeping of trust
accounts.





(2) An arrangement may provide for any one or more of the following-

   (a)  the payment of interest to the Secretary on the whole or any part of
        deposits in the trust accounts;

   (b)  the manner in which the Secretary is informed of amounts held in the
        trust accounts;

   (c)  the auditing of balances in the trust accounts;

   (d)  any other relevant matter.

(3) An arrangement may provide for the ADI to keep any trust accounts or only
trust accounts of a particular class (for example, controlled money accounts).

(4) Interest received by the Secretary under an arrangement must be paid into
the Fund.

(5) A licensee must comply with an arrangement under this section.