Victorian Consolidated Legislation

Trustee Companies Act 1984 - SECT 34

Separate accounts of each estate to be kept

34. Separate accounts of each estate to be kept



(1) An account of the moneys paid or received and of investments made and
moneys advanced by a trustee company on account of each estate of which it has
control shall be kept by the trustee company separate and distinct from that
of any other such estate.

(2) A director, member or officer of a trustee company who-

   (a)  knowingly and wilfully appropriates or deals with any real or personal
        property of which the trustee company has control under the powers
        conferred upon it by this Act or any corresponding previous enactment;
        or

   (b)  knowingly and wilfully lends or otherwise deals with any moneys
        received by the trustee company under those powers-

otherwise than in accordance with this Act, the instrument creating the trust,
and the law for the time being in force shall, and the manager and directors
of the trustee company if they or any of them knowingly and wilfully fail to
comply with the provisions of this section shall, be guilty of an offence.
Penalty: Imprisonment for five years.

(3) Notwithstanding anything in this section contained, a trustee company may
deposit any moneys of which it has control under the powers conferred upon it
by this Act or any corresponding previous enactment with an authorised
deposit-taking institution.