Western Australian Consolidated Acts

REAL ESTATE AND BUSINESS AGENTS ACT 1978 - SECT 68C

68C .         Trust accounts, certain information about to be given to Board

        (1)         When an agent opens or closes a trust account, the agent shall, as soon as is practicable, inform the Board in writing of the opening or closure of the trust account and, in doing so, shall specify — 

            (a)         the name and number of the trust account; and

            (b)         the name and address of the authorised financial institution with which the trust account is or was maintained.

        (2)         Subsection (1) does not apply to a separate account.

        (3)         If an agent’s trust account is overdrawn, both the agent and the authorised financial institution with which the trust account is maintained shall, as soon as is practicable, inform the Board in writing of — 

            (a)         the name and number of the trust account; and

            (b)         the amount by which the trust account is overdrawn.

        [Section 68C inserted by No. 59 of 1995 s. 14.]