Print PageFind ComponentFind LegislationHistory ON
Rules of Practice 1994 (S.R. 1994, No. 229)
Requested:  28 Jun 2017
Consolidated as at:  17 Mar 2006

42. Money in transit ledger

(1) A firm must maintain a ledger in respect of money to which rule 41 applies.
(2) A firm must ensure that the following details are recorded in a ledger within 7 days of the receipt of the money:

(a) the name of the person from whom the money was received;

(ab) the name of the person on whose behalf the money was received;

(b) the amount of money received;

(c) the form in which the money was received;

(d) the date of receipt of the money;

(e) the name of the person to whom the money is to be paid or endorsed and delivered;

(f) the day on which the money is to be paid or endorsed and delivered, if it is later than the next banking day;

(g) the word "paid", when that money is paid or endorsed and delivered.

(3) A firm must provide a statement of account in respect of each ledger to the person on whose behalf the money was received –

(a) within 28 days of receipt of the money; or

(b) if it is unreasonable or inappropriate to do so within that period, as soon as practicable.


CHANGES OVER TIME
Arrow indicates the point in time you are currently viewing. Hold your mouse over a number to see the date

    
 1 2 3

CURRENT VIEW: 27 Dec 1995 - 1 Oct 2016
VIEW THE AS MADE VERSION