Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Every agent who
holds a current triennial certificate shall maintain one or more trust
accounts, designated or evidenced as such, in the prescribed manner, with
an authorised financial institution and shall, as soon as practicable, pay to
the credit of that account or those accounts all moneys received by him for or
on behalf of any other person in respect of transactions.
(2) Moneys so paid
into any such trust account shall not be available for the payment of the debt
of any other creditor of the agent, or be liable to be attached or taken in
execution under the order or process of any court at the instance of any such
creditors.
(3) An agent may pay
out of a trust account such of the proper charges relating to transactions as
are payable by the persons on whose behalf the moneys are received but may do
so only when those charges lawfully fall due.
(4) Moneys received by
an agent for or on behalf of another person in respect of a transaction shall
not be withdrawn from a trust account except for the purposes of the
transaction, or as otherwise authorised by this Act, or as otherwise
authorised by the person or persons lawfully entitled to the moneys.
(5) An agent shall pay
moneys withdrawn from a trust account to the person or persons lawfully
entitled or authorised to receive them.
(6) An agent
shall —
(a) keep
full and accurate accounts of all money received or held by him on account of
any other person and of all payments made by him of that money;
(b)
before the end of the next business day after the day on which the money is
received or paid, enter in the accounts particulars of the amount so received
or paid and the person from whom it was so received or to whom it was so paid;
(c) keep
the accounts in such manner that they can be conveniently and properly
audited; and
(d)
correctly balance the accounts at the end of each month.
[Section 68 amended by No. 59 of 1995
s. 13.]