111 Obligation to account for trust money and valuable property

(1)

If, in the course of the practice of a practitioner or an incorporated firm, the practitioner, a related person or entity, or the incorporated firm receives or holds money or other valuable property on behalf of any person, the practitioner, related person or entity, or incorporated firm must account properly for the money or other valuable property to the person on whose behalf the money or other valuable property is held.

(2)

A person commits an offence against this Act and is liable on conviction to a fine not exceeding $25,000 who knowingly acts in contravention of subsection (1).

Compare: SR 1998/17 r 3(1)(a)

Section 111(2): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).