Document ID: chunk:federal_register_of_legislation:F2023C00203:clause:6_37:p1
Version: federal_register_of_legislation:F2023C00203
Segment Type: clause
Provision Reference: sch 6 cl 37 (pt 1/2)
Character Range: 97363–100046

37  Separate trust ledger accounts
 (1) A manager must ensure that the manager's trust ledger accounts are kept separately:
 (a) in respect of each of the manager's clients; and
 (b) if the manager performs services for a body corporate in respect of a number of transactions between different parties—in respect of each such transaction.
 (2) The manager must record in each of the separate accounts the following details:
 (a) the name and address of the body corporate to whom the accounts relate;
 (b) a brief description of the service provided and the transaction to which the accounts relate;
 (c) in respect of each receipt or disbursement of trust money:
 (i) the date and reference number of the receipt or disbursement; and
 (ii) the name of the person from whom the money is received or to whom the money is disbursed; and
 (iii) brief particulars of the purpose of the receipt or disbursement; and
 (iv) the amount received or disbursed.
 (3) The manager must ensure that any changes in the details referred to in paragraph (2)(a) or (b) are recorded in a manner that enables the changes and the order in which they occurred to be identified.
 (4) If the manager transfers money between any of the separate accounts, the manager must clearly record the transfer:
 (a) in both accounts; and
 (b) in a transfer journal;
in sufficient detail that the transfer may be clearly understood.
 (5) The records of receipts, disbursements and transfers must be made by the manager in accordance with this clause in the order in which the receipts, disbursements or transfers are received or made, each such record being made within 2 business days after the receipt, disbursement or transfer in question.
 (6) Subclause (5) does not apply in relation to receipts or payments by way of electronic transfer of funds, a record of which must be made within 2 business days after the manager receives official confirmation that the transfer has occurred.
 (7) If a manager uses a computer program to keep trust ledger accounts or a transfer journal, the manager must ensure that:
 (a) the program is incapable of:
 (i) recording a transaction that would result in a debit balance in a trust ledger account unless a separate contemporaneous record of the transaction is also made so that, at any time, a hard copy may be produced of all such transactions in chronological order; and
 (ii) deleting from its records the information relating to a trust ledger account unless the balance of the account is nil and a hard copy of all of the information required under this Division relating to the account has been produced; and
 (iii) changing existing information relating to a transaction