Victorian Numbered Acts Victorian Numbered Acts(1) A licensee who receives trust money to which this Part applies must maintain a general trust account in Victoria.
Penalty: 120 penalty units.
(2) A licensee who is required to maintain a general trust account must establish and maintain the account in accordance with the regulations.
Penalty: 60 penalty units.
(3) Sub-section (1) does not apply to a licensee in respect of any period during which the licensee receives only either or both of the following—
(a) controlled money; or
(b) transit money received in a form other than cash.
(4) Subject to any requirements of the regulations, a requirement of this section for a licensee to maintain, or establish and maintain, a general trust account does not prevent the licensee from maintaining, or establishing and maintaining, more than one general trust account, whether during the same period or during different periods.
(5) Without limiting the other provisions of this section, the regulations may provide that a licensee must not close a general trust account except as permitted by the regulations, either generally or in any prescribed circumstances.