TRUST ACCOUNTS.

Hauraki Plains Gazette, Volume XXXVIII, Issue 5154, 20 July 1927, Page 3

TRUST ACCOUNTS.

LAND AGENTS’ DUTIES. REGULATIONS GAZETTED. Regulations for the auditing of land agents’ trust accounts have been gazetted. It is provided that “trust account’’ includes every general or separate account of a land agent into which there have been paid or should be paid any moneys received by such land agents in respect of the sale, lease, or other disposal of land or of any interest in land, or in respect of the letting of houses, or in respect of any other transaction in his capacity as a land agent (other than the expenses, commission, and other proper charges of or incidental to such sale, lease-, or other disposal of transiaction), and includes all accounts kept in any books of account of a land agent and having reference to any such general or separate account a-, aforesaid : “Trust account moneys” means all moneys that are or should be paid into a trust account. Within three months after the end of each year, commencing with the year ending March 31, 1928, every land agent’s trust account must be audited by a qualified accountant, and a verified report of the result of such audit must be sent by such accountant to the Auditor-General.

Every land agent, auditor, or other person committing a breach of the regulations will be liable to a fine not exceeding £lOO.