SHAREBROKERS AND TRUST MONEYS.
(FRESS ASSOCIATION* TELEGr.AM.)
AUCKLAND, May 19
In .the course of a case in which &■ former member of tho Stock Exchange was charged with breaches of the Bankruptcy Act, Mr Hall-Jones, who appeared lor tho prosecutor, said'tho otfico which ho represented had been strenuously endeavouring to' secure a regulation whereby all sharebrokers would bo compelled to keep trust accounts of their clients' money. When it was remembered that solicitors had to have their .trust accounts audited, thE was a very reasonable request to make. In reply/the Magistrate said: "I seeno ren&on why share-brokers should not bo brought into lino with solicitors and land agents, and bo compelled to keep separate- trust accounts into which all clients' moneys should be paid. Thaiwould mean that in a case liko tho present one, so long as a, defendant did not mix his own money with his clients , moneys, no matter what his own personal linanoial position might bo, his clients would not sulFer. Their trust moneys would be protected by 'law."
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Press, Volume L, Issue 14972, 20 May 1914, Page 12
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171SHAREBROKERS AND TRUST MONEYS. Press, Volume L, Issue 14972, 20 May 1914, Page 12
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