Land Agents, Brokers and Valuers Act 1973 (SA)
(Reprint No. 5)
SOUTH AUSTRALIA
1. Short title
6. Interpretation
7. Application
8. Commissioner to be responsible for administration of Act
13. Agent must be licensed
13A. | Agent not to act as hotel broker unless licence endorsed |
14. | Application for a licence |
15. | Entitlement to be licensed |
16. | Entitlement of corporation to licence |
17. | Duration of licence of land agent |
19. | Business may be carried on by unlicensed person |
21. Sales representatives must be registered
22. Employment of sales representatives
23. Sales representatives must be in service of one agent
24. Stock and station agent
25. Application for registration as sales representative
26. Qualifications for registration
27. Duration of registration as sales representative
29. Employment of registered sales representative
30. Employment of registered managers
31. Application for registration as manager
32. Entitlement to be registered
33. Duration of registration as manager
35. Registration of manager to lapse when unemployed
36. Notice to Registrar
37. Registered office
38. Branch offices
38A. | Management of registered office and branch offices |
39. | Notice to be exhibited |
41. | Advertisement |
44. | Copy of contract or agreement to be supplied |
45. | Agent’s authority to act and commission |
46. | Agent, etc., not to have interest in land or business which the agent is commissioned to sell |
47. | Agent not to pay commission, etc., except to employees or another agent |
48. Interpretation
55. Land broker must be licensed
56. Application for a licence
57. Entitlement to be licensed
57A. | Entitlement of company to licence |
58. | Duration of licence of land broker |
59. Non-compliance with memorandum or articles
60. Companies not to carry on land broking business in partnership
60A. | Joint and several liability |
60B. | Alteration to memorandum or articles of association |
61. Preparation of instruments
62. Interpretation
63. Trust money to be deposited in trust account
64. Withdrawal of money from trust account
65. Payment of interest on trust accounts to the Commissioner
66. Appointment of administrator of trust account
67. Keeping of records
68. Audit of trust accounts
69. Appointment of examiner
70. Obtaining information for purposes of audit or examination
71. Banks, etc., to report deficiencies in trust accounts
72. Confidentiality
73. Banks, etc., not affected by notice of trust
74. Failing to comply with requirement of administrators, etc.
75. The Agents’ Indemnity Fund
76. Claims on the fund
76A. | Limitation of claims |
76B. | Establishment of claims |
76C. | Rights of the Commissioner |
76D. | Claims by agents |
76E. | Insurance in respect of claims against fund |
76F. | Insufficiency of fund |
76G. | Accounts and audit |
77. Land valuer must be licensed
78. Application for a licence
79. Entitlement to be licensed as land valuer
80. Duration of licence of land valuer
81. Form of rental accommodation referral contracts
82. Implied conditions of rental accommodation referral contracts
83. Application of this Part
84. Inquiries
85. Disciplinary action
85A. | Cause for disciplinary action |
85B. | Record of disciplinary action to be kept |
85C. | Advertising suspension, cancellation or disqualification |
86. Obligations and offences in relation to subdivided land
87. Inducement to buy subdivided land
87A. | Interpretation |
88. | Cooling-off |
89. | Abolition of instalment contracts |
90. | Particulars to be supplied to purchaser of land before settlement |
91. | Particulars to be supplied to purchaser of small business before settlement |
91A. | Verification of vendor’s statement |
91B. | Variation of particulars |
91C. | Auctioneer to make statements available |
91D. | Councils, etc., to provide certain information |
91E. | False certificate |
91F. | Offence |
91G. | Remedies |
91H. | Defences |
91I. | Service of vendor’s statement, etc. |
92. No exclusions, etc., of rights conferred or conditions implied by Act
93. Investigations
94. Consent or approval of Tribunal
96. Prohibition against holding simultaneous authorities
97. Common rule as to acceptable educational qualifications
98. False representation
98A. | Prohibition of auction sales on Sundays |
99. | Liability for acts or omissions of employees or agents |
100. | Offences by bodies corporate |
100A. | Continuing offences |
101. | Summary procedure |
103. | Civil remedies unaffected |
104. | Misrepresentation |
105. | Return of licences, etc., suspended or cancelled |
105A. | Service of documents |
105B. | False or misleading information |
105C. | Annual report |
107. | Regulations |
being
Land and Business Agents Act 1973 No. 88 of 1973
[Assented to 13 December 1973]
as amended by
Land and Business Agents Act Amendment Act 1974 No. 129 of 1974 [Assented to 12 December 1974]
Land and Business Agents Act Amendment Act 1975 No. 38 of 1975 [Assented to 3 April 1975]
Land and Business Agents Act Amendment Act (No. 2) 1975 No. 72 of 1975 [Assented to 16 October 1975]
Land and Business Agents Act Amendment Act 1977 No. 38 of 1977 [Assented to 8 December 1977]
Land and Business Agents Act Amendment Act 1979 No. 1 of 1979 [Assented to 15 February 1979] Land and Business Agents Act Amendment Act 1982 No. 25 of 1982 [Assented to 25 March 1982]
Statutes Amendment (Planning) Act 1982 No. 62 of 1982 [Assented to 1 July 1982]
Land and Business Agents Act Amendment Act 1985 No. 4 of 1985 [Assented to 7 March 1985]
Land and Business Agents Act Amendment Act (No. 2) 1985 No. 45 of 1985 [Assented to 2 May 1985]
Land Agents, Brokers and Valuers Act Amendment Act 1986 No. 128 of 1986 [Assented to 24 December 1986]
Statutes Amendment (Fair Trading) Act 1987 No. 43 of 1987 [Assented to 30 April 1987]
Land Agents, Brokers and Valuers Act Amendment Act 1987 No. 97 of 1987 [Assented to 17 December 1987]
Land Agents, Brokers and Valuers Act Amendment Act (No. 2) 1987 No. 98 of 1987 [Assented to 17 December 1987]
Strata Titles Act 1988 No. 13 of 1988 [Assented to 7 April 1988]
Land Agents, Brokers and Valuers Act Amendment Act 1988 No. 66 of 1988 [Assented to 3 November 1988]
Land Agents, Brokers and Valuers (Incorporated Land Brokers) Amendment Act 1991 No. 23 of 1991 [Assented to 18 | April 1991] |
Statutes Amendment (Commercial Licences) Act 1992 No. 55 of 1992 [Assented to 29 October 1992]15
Land Agents, Brokers and Valuers (Mortgage Financiers) Amendment Act 1993 No. 8 of 1993 [Assented to 25 March | 1993] |
State Bank (Corporatisation) Act 1994 No. 17 of 1994 [Assented to 12 May 1994]
1 Came into operation 24 June 1974:
Gaz . 16 May 1974, p. 1775.2 Came into operation 1 April 1975:
Gaz . 27 February 1975, p. 665.3 Came into operation 24 June 1974: s. 2.
4 Came into operation 1 April 1982:
Gaz . 1 April 1982, p. 949.5 Came into operation 4 November 1982:
Gaz . 4 November 1982, p. 1304.6 Came into operation 10 November 1986:
Gaz . 25 September 1986, p. 1082.7 Came into operation 1 July 1985:
Gaz . 27 June 1985, p. 2244.8 Came into operation (except ss. 3-12, 14-16, Schedule) 5 March 1987:
Gaz . 5 March 1987, p. 546; remainder of Act came into operation 18 February 1988:Gaz . 18 February 1988, p. 398.9 Came into operation 26 October 1987:
Gaz . 24 September 1987, p. 940.10 Came into operation 18 February 1988:
Gaz . 18 February 1988, p. 398.11 Came into operation 1 September 1988:
Gaz . 21 July 1988, p. 420.12 Ss. 1, 2, 5-9 and 12 came into operation on assent: s. 2(1); remainder of Act came into operation 1 January 1989:
Gaz . 22 December 1988, p. 2097.13 Came into operation 1 July 1991:
Gaz. 18 April 1991, p. 1294.14 Came into operation 1 March 1992:
Gaz . 27 February 1992, p. 540.15 Came into operation 10 December 1992:
Gaz . 10 December 1992, p. 1752.
16
17 Came into operation 25 March 1995 (by virtue of the Acts Interpretation Act 1915, s. 7(5)). Came into operation 1 July 1994:
Gaz . 23 June 1994, p. 1784.
NOTE:
Asterisks indicate repeal or deletion of text. type indicate the amendments incorporated since the last reprint.
An Act to consolidate and amend the law relating to certain kinds of agent; to provide for the licensing and control of land brokers and land valuers; and for other purposes.
The Parliament of South Australia enacts as follows:
1. This Act may be cited as theLand Agents, Brokers and Valuers Act 1973 .* * * * * * * * * *
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6. (1) In this Act, unless the contrary intention appears—"
acquire " with reference to land includes purchase and take on lease and "acquisition " has acorresponding meaning;
"
agent " means a person who carries on the business of—
selling or buying (by auction or otherwise), exchanging, or otherwise dealing with or disposing of land or businesses on behalf of others; or | |
negotiating for the sale, purchase, exchange, or any other dealing with or disposition of land or businesses on behalf of others, |
and includes a person who carries on the business of selling or exchanging, or negotiating for
the sale or exchange, of land or businesses on his or her own behalf;
"
branch office " means any office from which a licensed agent conducts business in pursuanceof the licence except the agent’s registered office;
"
business " includes a share of, or interest in, a business or the goodwill of a business but doesnot include a share in the capital of a corporation;
"
business day " means any day except a Saturday or a public holiday;"
the Commissioner " means the Commissioner for Consumer Affairs;"
corporation " includes any body corporate;"
date of settlement " in relation to a contract for the sale of land or a business means—
if a date is fixed by the contract for settlement—the date fixed by the contract or some other date agreed by the parties in substitution for that date; | |
in any other case—the date on which settlement takes place; |
"
director ", in relation to a company, includes any person occupying or acting in the position of director of the company, by whatever name called and whether or not validly appointed to occupy or duly authorised to act in the position, and includes any person in accordance with whose directions or instructions the directors of the company are accustomed to act;"
dispose ", with reference to land, includes sell and demise and "disposal " has a correspondingmeaning;
"
hotel broker " means a person who acts as an agent in relation to the sale, purchase or exchange or any other dealing with or disposition of premises in respect of which a hotel licence is in force under theLiquor Licensing Act 1985 ;"
land " includes any interest in land and any exclusive right (whether deriving from the ownership of a share or interest in a company or partnership or arising in some other way) to the occupation of a building, or part of a building, that is designed (or adapted) for separate occupation as a dwelling house or place of residence;"
land broker " means a person, other than a legal practitioner, who for fee or reward prepares any instrument as defined in theReal Property Act 1886 in relation to any dealing affecting land;"
land valuer " means a person who carries on the business of valuing land;"
legal practitioner " means a person admitted and enrolled as a practitioner of the SupremeCourt of South Australia;
"
licence " means—
in relation to an agent—a licence under Part 3; or | |
in relation to a land broker—a licence under Part 7; or | |
in relation to a land valuer—a licence under Part 8A, |
and "
licensed " has a corresponding meaning;"
money " includes an instrument for the payment of money that may be negotiated by a bank;"
mortgage " means a legal or equitable mortgage over land;"
nominated " means nominated by notice in writing lodged with the Registrar;"
operator ", in relation to a rental accommodation referral business, means the person whocarries on the rental accommodation referral business;
"
prescribed officer ", in relation to a corporation, means—
the general manager or other principal officer of the corporation; or | |
any member of the governing body of the corporation; or | |
any other person (whether or not the holder of an office) who substantially controls, or could substantially control, the affairs of the corporation; |
"
prescribed relative ", in relation to a person, means a spouse, parent, child or grandchild of theperson;
"
putative spouse " includes a person who is a putative spouse notwithstanding that a declarationhas not been made under the
Family Relationships Act 1975 in relation to that person;"
registered manager " means a person registered as a manager under Part 5;"
registered sales representative " means a person registered as a sales representative under Part4;
"
the Registrar " means the Commercial Registrar under theCommercial Tribunal Act 1982 ;"
rental accommodation referral business " means the business of providing for fee or reward information relating to the availability of premises for occupation pursuant to residential tenancy agreements, but does not include the business of publishing advertisements on behalf of other persons or any business of a prescribed kind;"
rental accommodation referral contract " means a contract entered into by the operator of a rental accommodation referral business for the provision of information relating to the availability of premises for occupation pursuant to residential tenancy agreements;"
the repealed Business Agents Act " means theBusiness Agents Act 1938 repealed by this Act;"
the repealed Land Agents Act " means theLand Agents Act 1955 repealed by this Act;"
the repealed Land Valuers Licensing Act " means theLand Valuers Licensing Act 1969 repealed by this Act;
"
residential tenancy agreement " means a residential tenancy agreement as defined in section 5 of theResidential Tenancies Act 1978 and includes any other agreement or arrangement of a prescribed kind;"
sales representative " means a person who, for or on behalf of an agent, induces or attempts toinduce, or negotiates with a view to inducing, any person—
to acquire or dispose of any land or business; or | |
to make an offer to acquire or dispose of any land or business; or | |
to accept an offer to acquire or dispose of any land or business; or | |
to enter into any contract for the acquisition or disposal of any land or business, |
whether or not the agent is the owner of the land or business, but does not include a person who so acts only in relation to a lease of land that is not to be used for the purposes of a business;
"
spouse " includes a putative spouse;"
the Tribunal " means the Commercial Tribunal established under theCommercial Tribunal Act
1982 .
(2) A legal practitioner who, in the course of legal practice, acts for, or on behalf of, any person in respect of the acquisition or disposal of any land or business is not by reason of that fact an agent within the meaning of this Act.
(2a) A person who carries on the business of negotiating or arranging loans secured by mortgage is not by reason of that fact an agent within the meaning of this Act.
(3) Where two or more persons carry on business in partnership and the business of the partnership, or part of that business, consists in the business of an agent, each of those persons will be taken to be carrying on business as an agent.
(4) Where a person carries on the business of buying or selling land or businesses and the transactions carried out in the course of that business are conducted by, or through the instrumentality of, an agent, that person will not by reason of that business be taken to be acting as an agent.
(5) In this Act, a reference to carrying on a business of a particular kind extends to carrying on that business as part of, or in conjunction with, some other business.
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7. (1) The Governor may, by regulation, exempt—
a specified person or class of persons; or | |
a specified transaction or class of transactions, |
from compliance with this Act or a specified provision of this Act either unconditionally or subject
to conditions.
(2) The Minister may, upon application by a person, exempt the person from compliance with a specified provision of this Act.
(3) The Tribunal will, at the request of the Minister, inquire into and make a recommendation to the Minister upon an application for exemption under subsection (2).
Penalty: $5 000.
(2) A person required by this Act to be licensed as an agent is not entitled to any commission or other consideration in respect of services related to the acquisition or disposal of any land or business unless that person—
is, at the time of rendering the services, licensed as an agent; and | |
is authorised, in writing, to act as an agent by the person for whom the services are rendered or some person authorised to act on behalf of that person. |
(3) Any commission or other consideration paid or given to a person who is, by virtue of subsection (2), not entitled to it may be recovered from that person as a debt.
13A. A person must not act, or hold himself or herself out, as a hotel broker unless—
that person is licensed as an agent; and | |
the licence bears an endorsement, made in accordance with the regulations, authorising that person to act as a hotel broker. |
Penalty: $5 000.
14. (1) An application for a licence must—
be made to the Tribunal; and | |
be in writing in the prescribed form; and | |
be accompanied by the prescribed application fee. |
(2) An applicant for a licence must furnish the Tribunal with such information (verified, if the Tribunal so requires, by statutory declaration) as the Tribunal may require.
(3) Where an application is made for a licence, the Registrar must—
cause the application to be advertised in the prescribed manner and form; and | |
cause a copy of the application to be served on the Commissioner. |
(4) Any person (including the Commissioner) may, within ten days from the date on which an application is last advertised pursuant to subsection (3), lodge with the Registrar a written objection to the application setting out the grounds of the objection.
(5) The Tribunal may, on the application of any interested person, and subject to such terms as it thinks fit, extend the period for lodging objections.
(6) The Registrar must cause a copy of an objection lodged under subsection (4) to be served on the applicant and, except where the Commissioner lodged the objection, the Commissioner.
(7) Where—
an objection to an application is lodged under subsection (4); or | |
the Tribunal does not propose to grant an application upon the basis of documentary material alone, |
the Tribunal will conduct a hearing of the application and the Registrar must give to the applicant, the Commissioner and any person who has lodged an objection at least seven days notice of the date for the hearing.
(8) Where, upon an application under this section, the Tribunal is satisfied that the applicant is entitled to be licensed as an agent, the Tribunal will order that the applicant be granted the licence upon payment of the prescribed licence fee.
is of or above the age of 18 years; and | |
is a fit and proper person to be licensed; and | |
is neither bankrupt nor insolvent; and | |
is qualified to be licensed as an agent in accordance with subsection (2). |
(2) A person is qualified to be licensed as an agent if that person—
has been licensed as an agent or registered as a manager under this Act within ten years before the date of the application to be licensed; or | |||||
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and, in addition to complying with subparagraph (i) or (ii) has been employed as a registered sales representative for a continuous period of two years within the five years preceding the date of the application or has had, in the opinion of the Tribunal, other adequate practical experience.
(2) Each prescribed officer of the corporation—
must be a fit and proper person to be a prescribed officer of a corporation licensed under this Act; and | |
must (subject to the terms of any exemption granted to the corporation under this section) be a licensed agent or registered manager. |
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(4) If—
a corporation is, in the opinion of the Tribunal, carrying on business as a stock and station agent, or is listed upon a Stock Exchange in Australia or is the subsidiary of a corporation so listed and the person who is, or will be, in control of the business conducted, or to be conducted, in pursuance of the licence, is licensed as an agent or registered as a manager under this Act; or | |||||
the Tribunal is satisfied that the business conducted or to be conducted in pursuance of a licence forms an inconsiderable part of the whole of the business of a corporation and no director or other prescribed officer of the corporation who is not licensed as an agent or registered as a manager under this Act will actively participate in the business conducted in pursuance of the licence; or | |||||
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a corporation held a licence at the commencement of this Act and the directors were then, and are, husband and wife, one of whom is licensed as an agent or registered as a manager under this Act; or | |||||
a corporation is entitled, in pursuance of the regulations, to an exemption from subsection (2) |
then, subject to subsection (7), the Tribunal will, upon application by the corporation, grant an
exemption from subsection (2)
(5) An exemption under subsection (4)—
may be unconditional or subject to such conditions as the Tribunal thinks fit; | |
may be granted to a corporation that is not immediately entitled to the exemption in anticipation of the corporation subsequently becoming entitled to it (but in that event the exemption will be subject to a condition requiring specified changes in the board of directors, or the management, of the corporation and will not take effect until the condition has been complied with). |
(6) The Tribunal may, upon the application of the Commissioner or any other person—
vary or revoke a condition of an exemption under subsection (4) or impose a further condition of the exemption; or | |
revoke an exemption under subsection (4) for breach of a condition of the exemption or other proper cause. |
(7) Where an exemption under subsection (4) is revoked and the corporation reapplies to the Tribunal for an exemption, the Tribunal may (but is not obliged to) grant an exemption upon that application.
(2) A licensed agent must, not later than the prescribed date in each year—
pay to the Registrar the prescribed annual licence fee; and | |
lodge with the Registrar an annual return containing the prescribed information. |
(3) Where a licensed agent fails to pay the annual licence fee or lodge the annual return in accordance with subsection (2), the Registrar may, by notice in writing, require the agent to make good the default and, in addition, to pay to the Registrar the amount prescribed as a penalty for default.
(4) Where a licensed agent fails to comply with a notice under subsection (3) within 14 days after service of the notice, the licence is, by force of this subsection, suspended until the agent complies with the notice.
(5) The Registrar must cause notice of a suspension under subsection (4) to be served personally or by post on the licensed agent.
(6) Where a licensed agent fails to comply with a notice under subsection (3) within six months after service of the notice, the licence is, by force of this subsection, cancelled.
(7) A licensed agent may, with the consent of the Tribunal, surrender the licence.
(8) In this section—
"
licensed agent " includes a licensed agent whose licence has been suspended otherwise than byforce of this section.
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21. A person (other than a registered manager) must not—
be or remain in the service of any person as a sales representative; or | |
hold himself or herself out as a sales representative; or | |
act as a sales representative, |
unless registered as a sales representative under this Act.
Penalty: $2 000.
representative unless that other person is registered as a sales representative under this Act.
Penalty: $2 000.
(2) Subject to subsection (3), a person must not, unless the Tribunal is satisfied that special circumstances exist and gives its consent, employ or continue to employ a sales representative in the business conducted in pursuance of a licence except upon the basis of full-time employment in that business.
Penalty: $2 000.
(3) This section does not prevent an agent from continuing to employ a registered sales representative on a part-time basis where the sales representative was so employed by the agent immediately before the commencement of this Act.
employment, or hold himself or herself out as being in the employment, of another agent.
Penalty: $1 000.
(2) An agent must not employ as a sales representative any person who is, to the knowledge of
that agent, at that time employed by, or in the service of, any other agent.
Penalty: $1 000.
(3) An agent must not pay any salary, wages, commission or other remuneration to any sales
representative except a sales representative who is in the agent’s service as such.
Penalty: $1 000.
(2) In this section—
"
approved stock and station agent " means a person carrying on business as a stock andstation agent and approved by the Tribunal for the purposes of this section;
"
branch office " means an office, other than the head office for the State, of a stock and stationagent.
25. (1) An application for registration as a sales representative must—
be made to the Tribunal; and | |
be in writing in the prescribed form; and | |
be accompanied by the prescribed application fee. |
(2) An applicant for registration must furnish the Tribunal with such information (verified, if the Tribunal so requires, by statutory declaration) as the Tribunal may require.
(3) Where an application is made under this section, the Registrar must—
cause the application to be advertised in the prescribed manner and form; and | |
cause a copy of the application to be served on the Commissioner. |
(4) Any person (including the Commissioner) may, within ten days from the date on which an application is last advertised pursuant to subsection (3), lodge with the Registrar a written objection to the application setting out the grounds of the objection.
(5) The Tribunal may, on the application of any interested person, and subject to such terms as it thinks fit, extend the period for lodging objections.
(6) The Registrar must cause a copy of an objection lodged under subsection (4) to be served on the applicant and, except where the Commissioner lodged the objection, the Commissioner.
(7) Where—
an objection to an application is lodged under subsection (4); or | |
the Tribunal does not propose to grant an application upon the basis of documentary material alone, |
the Tribunal will conduct a hearing of the application and the Registrar must give to the applicant, the Commissioner and any person who has lodged an objection at least seven days notice of the date for the hearing.
(8) Where, upon an application under this section, the Tribunal is satisfied that the applicant is entitled to be registered as a sales representative under this Part, the Tribunal will order that the applicant be granted the registration upon payment of the prescribed registration fee.
is a fit and proper person to be so registered; and | |||||
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(2) A registered sales representative must, not later than the prescribed date in each year—
pay to the Registrar the prescribed annual registration fee; and | |
lodge with the Registrar an annual return containing the prescribed information. |
(3) Where a registered sales representative fails to pay the annual registration fee or lodge the annual return in accordance with subsection (2), the Registrar may, by notice in writing, require the registered sales representative to make good the default and, in addition, to pay to the Registrar the amount prescribed as a penalty for default.
(4) Where a registered sales representative fails to comply with a notice under subsection (3) within 14 days after service of the notice, the registration is, by force of this subsection, suspended until the sales representative complies with the notice.
(5) The Registrar must cause notice of a suspension under subsection (4) to be served personally or by post on the registered sales representative.
(6) Where a registered sales representative fails to comply with a notice under subsection (3) within six months after service of the notice, the registration is, by force of this subsection, cancelled.
(7) A registered sales representative may, with the consent of the Tribunal, surrender the registration.
(8) In this section—
"
registered sales representative " includes a registered sales representative whose registrationhas been suspended otherwise than by force of this section.
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(2) A registered sales representative must, within 14 days after commencing or ceasing to be employed by an agent, give to the Registrar notice in writing of the commencement or cessation of the employment together with the prescribed particulars.
Penalty: $500.
Penalty: $1 000.
(2) Subject to subsection (3), a licensed agent (not being a corporation) whose usual place of residence is outside the State, and who is not carrying on business in pursuance of the licence in partnership with a licensed agent whose usual place of residence is within the State, must have at all times in the agent’s service and in actual control of the business conducted in pursuance of the licence, a person registered and nominated as a manager under this Part whose usual place of residence is within the State.
Penalty: $2 000.
(3) If a person nominated as a manager under this Act—
dies; or | |
ceases to be in the service of the person by whom the manager was nominated; or | |
ceases to be registered as a manager; or | |
ceases to have a usual place of residence in the State, |
it is not necessary to nominate a registered manager until the expiration of one month after the
occurrence of that event or such further period as may be allowed by the Tribunal.
(4) In any proceedings for an offence against this section, an allegation in a complaint that a person named in the complaint does not have a usual place of residence within the State will, in the absence of contrary proof, be taken as proved.
(5) A licensed agent must not pay any remuneration (whether by way of salary, wages or commission) to a registered manager who is not in the agent’s service as a manager or sales representative.
Penalty: $2 000.
(6) A person must not, unless the Tribunal is satisfied that special circumstances exist and gives its consent, employ or continue to employ a manager in the business conducted in pursuance of a licence except upon the basis of full-time employment in that business.
Penalty: $2 000.
(7) A registered manager must not, while employed by an agent, be in the employment, or hold himself or herself out as being in the employment, or act as a sales representative on behalf, of another agent.
Penalty: $1 000.
31. (1) An application for registration as a manager must—
be made to the Tribunal; and | |
be in writing in the prescribed form; and | |
be accompanied by the prescribed application fee. |
(2) An applicant for registration must furnish the Tribunal with such information (verified, if the Tribunal so requires, by statutory declaration) as the Tribunal may require.
(3) Where an application is made under this section, the Registrar must—
cause the application to be advertised in the prescribed manner and form; and | |
cause a copy of the application to be served on the Commissioner. |
(4) Any person (including the Commissioner) may, within ten days from the date on which an application is last advertised pursuant to subsection (3), lodge with the Registrar a written objection to the application setting out the grounds of the objection.
(5) The Tribunal may, on the application of any interested person, and subject to such terms as it thinks fit, extend the period for lodging objections.
(6) The Registrar must cause a copy of an objection lodged under subsection (4) to be served on the applicant and, except where the Commissioner lodged the objection, the Commissioner.
(7) Where—
an objection to an application is lodged under subsection (4); or | |
the Tribunal does not propose to grant an application upon the basis of documentary material alone, |
the Tribunal will conduct a hearing of the application and the Registrar must give to the applicant, the Commissioner, the Commissioner of Police and any person who has lodged an objection at least seven days notice of the date for the hearing.
(8) Where, upon an application under this section, the Tribunal is satisfied that the applicant is entitled to be registered as a manager under this Part, the Tribunal will order that the applicant be granted the registration upon payment of the prescribed registration fee.
32. (1) A person is entitled to be registered as a manager if the Tribunal is satisfied that that
person—
is of or above the age of 18 years; and | |
is a fit and proper person to be registered; and | |
is neither bankrupt nor insolvent; and | |
is qualified to be registered as a manager in accordance with subsection (2). |
(2) A person is qualified to be registered as a manager if that person—
has been licensed as an agent or registered as a manager under this Act within ten years before the date of the application to be registered; or | |||||
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and, in addition to complying with subparagraph (i) or (ii), has been employed as a registered sales representative for a continuous period of two years within the five years preceding the date of the application or has had, in the opinion of the Tribunal, other adequate practical experience.
(2) A registered manager must, not later than the prescribed date in each year—
pay to the Registrar the prescribed annual registration fee; and | |
lodge with the Registrar an annual return containing the prescribed information. |
(3) Where a registered manager fails to pay the annual registration fee or lodge the annual return in accordance with subsection (2), the Registrar may, by notice in writing, require the manager to make good the default and, in addition, to pay to the Registrar the amount prescribed as a penalty for default.
(4) Where a registered manager fails to comply with a notice under subsection (3) within 14 days after service of the notice, the registration is, by force of this subsection, suspended until the manager complies with the notice.
(5) The Registrar must cause notice of a suspension under subsection (4) to be served personally or by post on the registered manager.
(6) Where a registered manager fails to comply with a notice under subsection (3) within six months after service of the notice, the registration is, by force of this subsection, cancelled.
(7) A registered manager may, with the consent of the Tribunal, surrender the registration.
(8) In this section—
"
registered manager " includes a registered manager whose registration has been suspendedotherwise than by force of this section.
* * * * * * * * * *
(2) A registered manager must, within 14 days after commencing or ceasing to be employed by an agent, give to the Registrar notice of the commencement or cessation of employment together with the prescribed particulars.
Penalty: $500.
an agent, give to the Registrar notice in writing of that fact.
Penalty: $1 000.
office in the State.
Penalty: $1 000.
* * * * * * * * * *
(3) An office may be registered by giving written notice of the address of the office to the Registrar and a registration may be transferred from one office to another by written notice given to the Registrar.
registered.
Penalty: $1 000.
(2) A licensed agent may register a branch office by giving written notice of the address of the office to the Registrar.
(3) A licensed agent may cancel the registration of a branch office by giving written notice of cancellation to the Registrar.
(2) Subject to subsection (4), if subsection (1) is not complied with, the agent is guilty of an
offence.
Penalty: $1 000.
(3) The same person may not be nominated as the manager of more than one office.
(4) If the manager of an office—
dies; or | |
ceases to be qualified to act as a manager; or | |
becomes unable to act as manager in consequence of illness or for any other reason; or | |
leaves the employment of the agent, |
the manager must be replaced within one month or such longer period as may be allowed by the Tribunal and the agent is not guilty of an offence under subsection (2) by reason of not having a nominated manager of the office for that period.
the agent’s name; and | |
the fact that the person named is a licensed agent; and | |
if the business is not carried on in the agent’s name—the name in which it is carried on; and | |
in the case of a notice exhibited at a branch office—the address of the registered office. |
Penalty: $1 000.
(2) If there is any change in the name in which an agent’s business is carried on, the agent must, within 14 days after the new name is first used in connection with the business, give notice in writing to the Registrar of the change.
Penalty: $1 000.
* * * * * * * * * *
the name in which the agent carries on business; and | ||||||||||||||
a description of the agent as follows: | ||||||||||||||
| ||||||||||||||
the address of the registered office, or a registered branch office, of the agent’s business, |
and if such an advertisement does not contain those particulars, the agent is guilty of an offence.
Penalty: $1 000.
* * * * * * * * * *
(2) A registered manager or sales representative must not publish, or cause or permit to be published, an advertisement relating to the acquisition or disposal of land or a business except in the name, and on behalf, of the licensed agent by whom he or she is employed.
Penalty: $1 000.
(3) A person must not publish, or cause or permit to be published, any advertisement relating to, or in connection with, any intended transaction relating to the sale or disposal of land or a business or offer to sell any land or business without the prior consent in writing to the transaction of the person by, or upon whose authority, the land or business is to be sold or disposed of.
Penalty: $1 000.
* * * * * * * * * *
* * * * * * * * * *
Penalty: $2 000.
Penalty: $2 000.
(2) Where a person, by instrument in writing, authorises an agent to act, the agent must furnish that person with a copy of that instrument.
Penalty: $2 000.
(3) An agent must not demand, receive or retain any commission in respect of the acquisition or disposal, or proposed acquisition or disposal, of any land or business if the contract by which the transaction is to be effected is rescinded or avoided under any provision of this Act.
(3a) Subsection (3) does not apply where—
the contract is rescinded under section 88; and | |
the parties to the contract subsequently enter into another contract for the acquisition or disposal of the land or business; and | |
commission would, apart from this section, have been payable to the agent in respect of that subsequent contract. |
(4) Any commission received or retained by an agent in contravention of subsection (3) may be recovered, as a debt, from the agent by the person by whom it was paid.
(2) Subject to subsection (2a), a registered manager, registered sales representative or other person in the employment of an agent must not have a direct or indirect interest (other than an interest that exists by virtue only of employment) in the purchase of any land or business that the agent is commissioned to sell.
(2a) The Tribunal may, if it thinks fit, upon application by any person (not being a registered
manager or a registered sales representative) in the employment of an agent, exempt the person
from the application of subsection (2) in relation to the purchase of any specified land or business.
(3) A person who has an interest in the purchase of any land or business in contravention of this section is guilty of an offence.
Penalty: $5 000 or imprisonment for 6 months.
(3a) The court by which a person is convicted of an offence against subsection (3) may order the convicted person to pay to the principal any profit that the convicted person has made or is, in the opinion of the court, likely to make from any dealing with the land or business to which the offence relates.
(4) An agent is not entitled to receive any commission in respect of a transaction in respect of which the agent or an employee of the agent has an interest in contravention of this section.
a registered manager or sales representative in the agent’s employment; or | |
a licensed agent. |
Penalty: $5 000.
(2) In this section—
"
licensed agent " includes a person who usually resides in a place outside the State and who is licensed or otherwise authorised under the law of that place to carry on business as an agent in that place.
48. In this Part—"
instrument ", in relation to any dealing affecting land, means instrument as defined in theReal
Property Act 1886 .* * * * * * * * * *
* * * * * * * * * *
* * * * * * * * * *
* * * * * * * * * *
out as a land broker unless licensed under this Part.
Penalty: $5 000.
(2) Subsection (1) does not apply in respect of anything done by a legal practitioner in the course of legal practice.
56. (1) An application for a licence must—
be made to the Tribunal; and | |
be in writing in the prescribed form; and | |
be accompanied by the prescribed application fee. |
(2) An applicant for a licence must furnish the Tribunal with such information (verified, if the Tribunal so requires, by statutory declaration) as the Tribunal may require.
(3) Where an application is made for a licence, the Registrar must—
cause the application to be advertised in the prescribed manner and form; and | |
cause a copy of the application to be served on the Commissioner. |
(4) Any person (including the Commissioner) may, within ten days from the date on which an application is last advertised pursuant to subsection (3), lodge with the Registrar a written objection to the application setting out the grounds of the objection.
(5) The Tribunal may, on the application of any interested person, and subject to such terms as it thinks fit, extend the period for lodging objections.
(6) The Registrar must cause a copy of an objection lodged under subsection (4) to be served on the applicant and, except where the Commissioner lodged the objection, the Commissioner.
(7) Where—
an objection to an application is lodged under subsection (4); or | |
the Tribunal does not propose to grant an application upon the basis of documentary material alone, |
the Tribunal will conduct a hearing of the application and the Registrar must give to the applicant, the Commissioner and any person who has lodged an objection at least seven days notice of the date for the hearing.
(8) Where, upon an application under this section, the Tribunal is satisfied that the applicant is entitled to be licensed as a land broker, the Tribunal will order that the applicant be granted the licence upon payment of the prescribed licence fee.
is over the age of 18 years; and | |
is a fit and proper person to be licensed; and | |
is neither bankrupt nor insolvent; and | |
has educational qualifications accepted by the Tribunal as adequate for the purpose of licensing as a land broker. |
that the memorandum and articles of association of the company contain stipulations to the following effect: | ||||||
|
(A) | a licensed land broker who is a director or employee of the company; |
(B) | a prescribed relative of a licensed land broker who is a director or employee of the company; |
(C) | an employee of the company; |
(iv) not more than 10 per cent of the issued shares of the company may be owned beneficially by employees who are not licensed land brokers;
(v) the total voting rights exercisable at a meeting of the members of the company must be held by licensed land brokers who are directors or employees of the company;
(vi) no director of the company may, without the prior approval of the Tribunal, be a director of any other company that is a licensed land broker;
(vii) the shares in the company beneficially owned by any person must be—
| ||||||
in accordance with the memorandum and articles of association of the company, | ||||||
|
that the memorandum and articles of association are otherwise appropriate to a company formed to carry on business as a land broker. |
(2) A licensed land broker must, not later than the prescribed date in each year—
pay to the Registrar the prescribed annual licence fee; and | |
lodge with the Registrar an annual return containing the prescribed information. |
(3) Where a licensed land broker fails to pay the annual licence fee or lodge the annual return in accordance with subsection (2), the Registrar may, by notice in writing, require the licensed land broker to make good the default and, in addition, to pay to the Registrar the amount prescribed as a penalty for default.
(4) Where a licensed land broker fails to comply with a notice under subsection (3) within 14 days after service of the notice, the licence is, by force of this subsection, suspended until the licensed land broker complies with the notice.
(5) The Registrar must cause notice of a suspension under subsection (4) to be served personally or by post on the licensed land broker.
(6) Where a licensed land broker fails to comply with a notice under subsection (3) within six months after service of the notice, the licence is, by force of this subsection, cancelled.
(7) A licensed land broker may, with the consent of the Tribunal, surrender the licence.
(8) In this section—
"
licensed land broker " includes a licensed land broker whose licence has been suspendedotherwise than by force of this section.
* * * * * * * * * *
* * * * * * * * * *
Penalty: $2 000.
(2) The Tribunal may, on the application of the Commissioner, give such directions to a company licensed as a land broker as may be necessary to secure compliance by the company with the stipulations required by this Act to be included in its memorandum and articles of association.
(3) If a company fails to comply with a direction of the Tribunal under this section within the time allowed by the Tribunal for compliance with the direction, the licence of the company is, by force of this subsection, suspended until the company satisfies the Tribunal that it has complied with the direction.
Penalty: $2 000.
(2) If the company alters its memorandum or articles of association without the prior approval of the Tribunal, the licence of the company is, by force of this subsection, suspended until the company obtains the Tribunal’s approval of the alteration or restores the provisions of the memorandum or articles to the form in which they were before the alteration was made.
Penalty: $2 000.
(1a) A person who is a party to, or has acted as an agent in, any transaction in respect of which an instrument has been, or is to be, prepared is, subject to the following provisions of this section, entitled to charge a fee for the preparation of an instrument if—
the instrument is prepared by a legal practitioner or licensed land broker in that person’s employment; and | |
the legal practitioner or licensed land broker has been continuously in that person’s employment since 1 May, 1973, or some earlier date. |
(2) Subject to subsection (4), where an instrument relating to a dealing in land (other than a dealing in which the agent participates as purchaser or mortgagee of the land) is prepared by an agent, or a person who stands in a prescribed relationship to an agent, the agent and the person by whom the instrument is prepared are each guilty of an offence.
Penalty: $2 000.
(3) For the purposes of this section, a person stands in a prescribed relationship to an agent if that person—
is an employee of the agent; or | ||||||
is a partner of the agent; or | ||||||
is an employee of, or is remunerated by, a corporation and— | ||||||
|
(4) Subsection (2) does not apply to the preparation of an instrument by a legal practitioner or licensed land broker where the legal practitioner or licensed land broker—
stands, at the time of the preparation of the instrument, in a prescribed relationship to an agent acting for a party to the transaction in respect of which the instrument was prepared, and that relationship has existed continuously from 1 May, 1973, or some earlier date; and | |
was licensed as a land broker, or admitted and enrolled as a practitioner of the Supreme Court of South Australia, or was qualified to be so licensed, or admitted and enrolled, on 1 May, 1973; and | |
in the case of a person acting in the employment of an agent that is a corporation, is not a director of the corporation, or in a position to control the conduct of the affairs of the corporation. |
(5) The Tribunal may, on application by a legal practitioner or licensed land broker, exempt the applicant for such period and subject to such conditions as the Tribunal thinks fit from the provisions of subsection (2)—
where— | ||||
| ||||
where— | ||||
|
(6) The Tribunal may, upon the application of the Commissioner or any other person—
vary the period of an exemption under subsection (5); or | |
vary or revoke a condition of an exemption under subsection (5) or impose a further condition of the exemption; or | |
revoke an exemption under subsection (5) for breach of a condition of the exemption or other proper cause. |
(7) An agent, or a person who stands in a prescribed relationship to an agent, must not demand or receive from any legal practitioner or licensed land broker any commission, fee or other consideration for referring to that legal practitioner or licensed land broker any business involving the preparation of instruments.
Penalty: $2 000.
(8) A legal practitioner or licensed land broker must not pay or give any commission, fee or other consideration to any person for referring any business involving the preparation of instruments.
Penalty: $2 000.
(9) An agent, a person who stands in a prescribed relationship to an agent, or a sales representative must not procure or attempt to procure the execution of any document by which a person requests or authorises the preparation by any person specifically named or generally described of any instrument.
Penalty: $2 000.
(10) A clause included in, or appended to, any offer or contract for the sale of any land or business by which any party to the contract requests or authorises the preparation by any person specifically named or generally described of any instrument in connection with the transaction to which the contract relates is void.
(11) An instrument prepared in contravention of this section is not by reason of that fact void or
voidable.
(12) An officer of the Crown to whom an instrument is presented for stamping or registration need not inquire whether the instrument has been prepared in contravention of this section.
(13) For the purposes of this section, an application under the
62. (1) In this Part, unless the contrary intention appears—"
administrator " means a person appointed under this Part to administer a trust account;"
agent " includes—
a land broker; |
* * * * * * * * * *
a person who carries on a business of a prescribed class; |
"
auditor " means a person registered as an auditor under theCompanies (South Australia) Code ;"
fiduciary default " means a defalcation, misappropriation or misapplication of trust moneyoccurring while the money is in the possession or control of—
an agent; or | |
a firm of which an agent is a member; |
"
the fund " means the Agents’ Indemnity Fund established under Division 3;"
record " includes a record made by an electronic, electromagnetic, photographic or opticalprocess;
"
trust account " means an account in which trust money is deposited by an agent in pursuanceof this Part;
"
trust money " in relation to an agent, means money received by the agent in the agent’scapacity as such to which the agent is not wholly entitled in law and in equity.
* * * * * * * * * *
Penalty: $5 000.
(2) An agent must not pay any other money into the agents’ trust account.
Penalty: $5 000.
(3) An agent must not withdraw, or permit another person to withdraw, money from a trust
account except in accordance with this Part.
Penalty: $5 000.
(4) The Commissioner may, by notice to a bank or other prescribed financial institution—
approve accounts of a particular class (being accounts that carry interest at a rate considered satisfactory by the Commissioner) for the purposes of this section; or | |
vary or revoke any such approval. |
64. An agent may withdraw money from a trust account—
for payment to the person entitled to the money or for payment in accordance with the directions of that person; or | |
in satisfaction of a claim for commission, fees, costs or disbursements that the agent has against the person on behalf of whom the money is held; or | |
to satisfy the order of a court of competent jurisdiction against the person on behalf of whom the agent is holding the money; or | |
for payment into a court before which proceedings have been instituted in relation to the money; or | |
for the purpose of dealing with the money in accordance with the | |
for making any other payment authorised by law. |
66. (1) If the Tribunal is satisfied that an agent—
is bankrupt or insolvent or has taken the benefit (as a debtor) of any law relating to bankrupt or insolvent debtors; or | |
has misappropriated or misapplied trust money or is guilty of a defalcation in relation to trust money; or | |
has operated on the trust account in such an irregular manner as to require immediate supervision; or | |
in the case of a natural person, is suffering from mental or physical incapacity preventing the agent from properly attending to the agent’s affairs; or | |
has conducted business in an incompetent manner; or | |
has contravened or failed to comply with this Act; or | |
is not licensed as required by law; or | |
is dead, cannot be found or has ceased to carry on business as an agent; or |
(i) in the case of a body corporate—is being wound up, is under official management or is in receivership,
the Tribunal may, by order, appoint a person to administer the agent’s trust account.
(2) The Tribunal may make an order under subsection (1) on the application of the Commissioner or a prescribed person or a person of a prescribed class.
(3) The applicant must, as soon as practicable after the Tribunal has made an order under subsection (1), serve a copy of the order on—
the agent; and | |
all persons who are entitled (whether solely or jointly) to withdraw money from, or deal with money in, the account; and | |
the bank or other financial institution at which the account is held. |
(4) A person who has been served with a copy of an order under subsection (3)
Penalty: $5 000.
(5) A bank or other financial institution on which a copy of an order has been served under subsection (3) must not, while the order is in force, accept any withdrawal of, or dealing with, money in the trust account unless the withdrawal or dealing is at the direction, or with the written approval, of the administrator.
Penalty: $5 000.
(6) An order under this section remains in force for 12 months from the making of the order unless sooner terminated by the Tribunal or the Supreme Court and, subject to an order of the Supreme Court to the contrary, the Tribunal may, by subsequent order under this section, renew an order previously made or renewed under this section from the expiration of the previous order.
(7) An administrator—
may require any person in a position to do so— | ||||||
| ||||||
may exercise such other powers as the Tribunal sets out in the order of appointment. |
accurately disclose the state of the trust account maintained by the agent; and | |
enable the receipt and disposition of trust money to be conveniently and properly audited; and | |
comply with all other prescribed requirements. |
Penalty: $5 000.
(2) In particular, the agent must, in respect of the receipt of trust money—
make available to the person making payment a receipt that sets out prescribed information in the prescribed form; and | |
make and retain a copy of the receipt as part of the agents’ records. |
Penalty: $5 000.
(3) An agent must, at the request of a person who has an interest in trust money, provide that person with a statement setting out details of dealings by the agent with the money.
Penalty: $5 000.
(4) An agent must keep the accounts and records referred to in this section for at least five
years.
Penalty: $5 000.
68. (1) An agent who maintains a trust account must—
have the accounts and records kept under this Division audited by an auditor in respect of each audit period prescribed by regulation; and | |
lodge a copy of the auditor’s report with the Registrar. |
(2) An agent, who did not maintain a trust account during a particular audit period, must make and lodge with the Registrar a declaration, in the prescribed form, setting out the reasons for not maintaining a trust account during that period.
(3) An agent who—
fails to have accounts and records audited as required by this section; or | |
fails to lodge the auditor’s report, or the declaration required by subsection (2), within the time allowed by or under the regulations, |
is guilty of an offence.
Penalty: $5 000.
(4) Where an agent fails to lodge the auditor’s report, or the declaration required by subsection (2), within the time allowed by or under the regulations, the Registrar may, by notice in writing, require the agent to make good the default and, in addition, to pay to the Registrar the amount prescribed by the regulations as a civil penalty for the default.
(5) Where an agent fails to comply with a notice under subsection (4) within 14 days after service of the notice, the agent’s licence is, by force of this subsection, suspended until the agent complies with the notice.
(6) The Registrar will cause notice of a suspension under subsection (5) to be published in a newspaper circulating throughout the State.
(7) Where a licence has been suspended by virtue of subsection (5) for a continuous period of six months, the licence is by force of this subsection, cancelled.
(8) An agent is not liable to both a civil penalty and a criminal penalty in respect of the same default under this section; hence, payment of the civil penalty exonerates the agent from liability to a criminal penalty and payment of a criminal penalty exonerates the agent from liability to the civil penalty.
69. (1) The Commissioner may, at any time, appoint a person—
to examine, either generally or in a particular case, the accounts and records kept pursuant to this Division (or a previous corresponding enactment) by an agent; and | |
to examine, either generally or in a particular case, the audit programme, working papers and other documents used or prepared by an auditor in the course of auditing the trust accounts of an agent; and | |
to confer with an auditor in relation to audits of the trust accounts of an agent. |
(2) An examiner may, and must if required by the Commissioner to do so, furnish the Commissioner with a confidential report as to the state of any accounts or records subject to examination by the examiner.
(3) The Commissioner must, as soon as practicable, cause a copy of any report furnished by an examiner under subsection (2) to be given or sent by post to the agent.
(4) In this section—
"
agent " includes a former agent.
to produce all the accounts (including accounts that are not trust accounts) relating to the business of the agent and all books, papers, securities and other documents relating to those accounts; and | |
to provide any relevant information relating to the operation of the accounts. |
(2) The manager or other principal officer of any bank or other financial institution with which an agent has deposited any money, whether in his or her own account or in any general or separate trust account, must, upon being required to do so by an auditor or examiner employed or appointed to make an audit or examination under this Division, disclose every such account (including all deposit slips, cancelled cheques and other documents relating to the operation of the account) to the auditor or examiner.
Penalty: $5 000.
(3) A person who is required by this section to produce documents to an auditor or examiner
must permit the auditor or examiner to make a copy of the whole, or any part, of those documents.
Penalty: $5 000.
(4) In this section—
"
account " includes any record required to be kept under this Division in relation to the receiptand disposition of trust money;
"
agent " includes a former agent.
report any deficiency in that account to the Commissioner.
Penalty: $1 000.
to the agent; or | |
to the Commissioner; or | |
as otherwise required by law. |
Penalty: $2 000.
(2) A person engaged in the administration of this Act, must not divulge any information disclosed in a report furnished under this Part except—
for the purpose of confidential consideration of the report by the Commissioner; or | |
as is otherwise necessary for the proper administration of this Act; or | |
as is otherwise permitted or required by law. |
Penalty: $2 000.
(2) This section does not relieve a bank or other financial institution of liability for negligence.
74. A person must not—
refuse or fail to comply forthwith with a requirement of an administrator, auditor or examiner under this Division; | |
hinder, delay or obstruct the administration of a trust account or an audit or examination under this Division by altering or destroying relevant documents or by any other means. |
Penalty: $5 000.
75. (1) The Commissioner will establish a fund to be entitled the "Agents’ Indemnity Fund".
(2) The Commissioner may invest money constituting, or forming part of, the fund in a manner prescribed by regulation.
(3) The fund comprises—
the money standing to the credit of the Consolidated Interest Fund at the commencement of the | |
interest paid by banks and other financial institutions to the Commissioner on trust accounts; | |
money recovered by the Commissioner from an agent in relation to the agent’s default; | |
fines recovered as a result of disciplinary proceedings under Part 9; | |
interest accruing from investment of the fund. |
(4) Money standing to the credit of the fund must be applied by the Commissioner—
in payment of the costs of administering the fund; | |
in, or towards, satisfaction of claims by persons who have suffered pecuniary loss as a result of the fiduciary default of an agent; | |
in payment of insurance premiums under this Division; | |
in payment to prescribed persons or bodies for prescribed education programmes conducted for the benefit of agents or members of the public; | |
for any other purpose prescribed by this Act. |
(5) Payments made under subsection (4)
(d) must not exceed the prescribed limit.
76. (1) Subject to this Division, a person who—
suffers pecuniary loss as a result of a fiduciary default; and | |
has no reasonable prospect of recovering the full amount of that loss (except under this Division), |
91B. (1) A vendor’s statement must be accurate as at the date of service on the purchaser.
(2) If after the service of a vendor’s statement but before the purchaser signs the contract circumstances change so that if a fresh statement were to be prepared there would have to be some change in the particulars contained in the statement, then the vendor’s statement will be regarded as defective until a notice of amendment is served and when such a notice is served it will be presumed that the vendor’s statement was served, as amended by the notice, on the date of service of the notice.
91C. Where an auctioneer proposes to offer land or a small business for sale by auction—
the auctioneer must make the vendor’s statement available for perusal by members of the public— | ||||
| ||||
the auctioneer must cause public advertisement to be given in the prescribed manner and form of the times and places at which the statement may be inspected. |
any charge or prescribed encumbrance over land within the council’s area of which the council has the benefit; or | |
insurance under Division 3 of Part 5 of the |
(2) A statutory authority must within eight clear business days after receiving a request for information under this section provide the applicant with information reasonably required as to—
any charge or prescribed encumbrance over land of which the statutory authority has the benefit; or | |
any other prescribed matter. |
(3) An application under this section must be accompanied by the prescribed fee and any documents that are, in accordance with the regulations, to accompany the application.
contravention or non-compliance is declared to be an offence) is guilty of an offence.
Penalty: $2 000.
(2) On the hearing of an application under subsection (1) the Court may, if satisfied that the purchaser has been prejudiced by the failure to comply with this Division, exercise any one or more of the following powers:
avoid the contract and make such other orders as the Court thinks necessary or desirable to restore the parties to the contract to their respective positions before entering into the contract; | |
award such damages as may, in the opinion of the Court, be necessary to compensate loss arising from the non-compliance; | |
make such other orders as may be just in the circumstances. |
(3) Damages may be awarded under subsection (2)
(b) against—
the vendor; | |
if it appears that the purchaser has been prejudiced by a failure on the part of an agent to carry out duties imposed by this Division—the agent, |
or both.
that the alleged contravention or non-compliance was unintentional and did not occur by reason of the defendant’s negligence or the negligence of an officer, employee or agent of the defendant; or | ||||||
that the alleged contravention or non-compliance was due to reliance on information provided by a person or body to which an inquiry to obtain the information is, in accordance with the regulations, required to be made; or | ||||||
that— | ||||||
|
any application or other matter before the Tribunal; or | |
any matter that might constitute proper cause for disciplinary action under this Act. |
94. A consent or approval of the Tribunal for which provision is made under this Act—
may be granted by the Tribunal upon the application of a person seeking the consent or approval; and | |
may be revoked by the Tribunal upon application by the Commissioner or any other person if the Tribunal is satisfied that proper cause exists for revocation. |
* * * * * * * * *
97. (1) The Tribunal may, in accordance with any procedures prescribed by regulation—
make a common rule as to the educational qualifications acceptable to it for the purpose of a particular form of licensing or registration under this Act; and | |
vary or revoke any such common rule. |
(2) The existence of any such common rule does not prevent the Tribunal from making an exception to it in a particular case if, in the Tribunal’s opinion, the exception is justified in the circumstances of the case.
Penalty: $10 000 or imprisonment for 12 months.
(2) In proceedings for an offence against subsection (1) it is not necessary for the prosecution to establish that the defendant knew the representation to be false but it is a defence for the defendant to prove that he or she had reasonable ground to believe, and did believe, the representation to be true.
98A. A person must not conduct an auction for the sale of any land or business on a Sunday.
Penalty: $500.
* * * * * * * * * *
is liable, in addition to the penalty otherwise applicable to the offence, to a penalty for each day during which the act or omission continued of not more than one-tenth of the maximum penalty prescribed for that offence; and | |
is, if the act or omission continues after the conviction, guilty of a further offence against the provision and liable, in addition to the penalty otherwise applicable to the further offence, to a penalty for each day during which the act or omission continued after the conviction of not more than one-tenth of the maximum penalty prescribed for the offence. |
(2) Where an offence against a provision of this Act consists of an omission to do something that is required to be done, the omission will, for the purposes of subsection (1), be taken to continue for as long as the thing required to be done remains undone after the expiration of the period for compliance with the requirement.
101. (1) Offences against this Act (except those designated as indictable offences) are summary
offences.
(2) Proceedings for an offence against this Act must be commenced within 12 months after the date on which the offence is alleged to have been committed.
(3) A prosecution for an offence against this Act cannot be commenced except by—
the Commissioner; or | |
an authorised officer under the | |
a person who has the consent of the Minister to commence the prosecution. |
(4) An apparently genuine document purporting to be a certificate of the Minister certifying consent to a prosecution for an offence against this Act will be accepted, in the absence of proof to the contrary, as proof of the consent.
* * * * * * * * * *
103. Nothing in this Act prejudices any civil remedy available apart from this Act.
Penalty: $1 000.
served on the person personally; or | ||||
posted in an envelope addressed to the person— | ||||
| ||||
where the person is licensed or registered under this Act—left for the person at the address for service with someone apparently over the age of 16 years; or | ||||
transmitted by facsimile transmission to a facsimile number provided by the person (in which case the notice or document will be taken to have been given or served at the time of transmission). |
(2) The address for service of a person licensed or registered under this Act is the last address for service of that person of which notice has been given in accordance with the regulations.
that is false or misleading in a material particular.
Penalty: $1 000.
(2) The report must contain the audited statement of accounts of the Agents’ Indemnity Fund for the period to which the report relates.
(3) The Minister must, as soon as practicable after receipt of the report, cause a copy of the report to be laid before each House of Parliament.
* * * * * * * * * *
prescribe any form for the purposes of this Act; and |
* * * * * * * * * *
prescribe any fee for the purposes of this Act; and | |
provide for the refund of fees in circumstances prescribed or at the discretion of the Tribunal; and | |
prescribe the manner in which any fact relevant to a matter arising under this Act may be proved in any court; and | |
provide for applications for a licence or registration under this Act to be advertised and provide for objections to be made to such an application, and prescribe the manner in which, and the grounds upon which, such objections may be made; and | |
provide for the nomination of registered managers and the manner in which they are to be nominated; and | |
make provision in relation to the granting or removal of a licence endorsement authorising an agent to act as a hotel broker; and |
* * * * * * * * * *
prescribe the scale of fees to be paid to auditors and the manner of payment; and | |
prescribe all such matters and things as may be necessary or expedient to ensure that trust accounts are duly kept and audited; and | |
prescribe various maximum rates of commission and other charges that may be charged or made by licensed agents for services of various kinds defined in the regulation; and | |
prescribe any matter or thing that may be necessary or expedient in connection with charges, payments and reimbursements made by or to an agent in connection with services rendered as an agent; and |
* * * * * * * * * *
prescribe a code of conduct to be observed and obeyed by persons licensed or registered under this Act; and | |
prescribe various maximum rates of charges that may be made by licensed land valuers for services of various kinds defined in the regulation; and | |
prescribe a code of conduct to be observed and obeyed by operators of rental accommodation referral businesses; and | |
prescribe various maximum fees and other charges that may be charged or made by operators of rental accommodation referral businesses for services of various kinds defined in the regulation; and |
* * * * * * * * * *
prescribe the penalties (recoverable summarily) not exceeding $2 000 for breach of, or non-compliance with, any regulation. |
(2) Any regulations made under this Act may be of a general or limited application and may vary according to the persons or classes of persons, the times, the places or the circumstances to which they are expressed to apply.
1. In this schedule—
"
the 1985 amending Act " means theLand and Business Agents Act Amendment Act 1985 ;"
the 1986 amending Act " means theLand Agents, Brokers and Valuers Act Amendment Act 1986 ;"
the 1988 amending Act " means theLand Agents, Brokers and Valuers Act Amendment Act 1988 .
2. A licence in force under the repealed Land Valuers Licensing Act immediately before the commencement of the 1985 amending Act will be taken to be a licence granted and in force under Part 8A and will, subject to this Act, continue in force.
3. A trustee security that was immediately before the commencement of the 1985 amending Act a trustee security approved by the Land and Business Agents Board will be taken to be a trustee security approved by the Commissioner under this Act as in force after that commencement.
4. A nomination lodged with the secretary to the Land and Business Agents Board and in force immediately before the commencement of the 1985 amending Act will be taken to be a nomination lodged with the Registrar under this Act as in force after that commencement.
5. An exemption, consent or approval granted, or a condition imposed, by the Land and Business Agents Board or the Land Brokers Licensing Board and in force immediately before the commencement of the 1985 amending Act will be taken to be an exemption, consent or approval granted, or condition imposed, by the Tribunal under the provisions of this Act as in force after that commencement.
6. A resolution of the Land and Business Agents Board under section 63A in force immediately before the commencement of the 1985 amending Act will be taken to be an order of the Tribunal under that section as in force after that commencement.
7. All the rights and liabilities of the Land and Business Agents Board in relation to the Consolidated Interest Fund and the recovery or payment of money for or from that fund are upon the commencement of the 1985 amending Act transferred to and vested in the Commissioner.
8. An office that was a registered office or registered branch office under the repealed Land Agents Act, immediately before the commencement of this Act, will, subject to this Act, continue as a registered office or registered branch office for the purposes of this Act.
9. A person registered as a salesman immediately before the commencement of this schedule will, on that commencement, be taken to have been registered as a sales representative.
10. Any period for which a person was registered as a salesman under this Act, as in force before the commencement of this schedule, will be taken to be a period of registration as a sales representative.
11. If, at the commencement of the 1986 amending Act, an agent holds trust money that is not in an account that complies with section 63(1), the agent must—
transfer the money to an account that does comply with that section within six months after that commencement or within such longer period as is permitted by the Commissioner; and | |
pay the interest accruing during that period in respect of that money to the Commissioner for payment into the Agents’ Indemnity Fund. |
Penalty: $5 000.
12. The provisions of Part 8 of the principal Act replaced by the 1986 amending Act will remain in force after the commencement of that Act—
in relation to the administration of trust money by a person appointed under section 63A of those provisions; and |
* * * * * * * * * *
as to the subrogation of the Commissioner to the rights of a person compensated under those provisions. |
13. (1) The Commissioner may make payments pursuant to section 76F(6) in respect of claims against the Consolidated Interest Fund that were allowed by the Land and Business Agents Board if those claims were made on or after 1 January 1980.
(2) The Commissioner is entitled to subrogation under section 76C in respect of payments made under subclause (1).
14. The following provisions apply in respect of claims (excluding barred claims and claims allowed or disallowed by the Land and Business Agents Board) made on or after 1 January 1980, and before the commencement of the 1988 amending Act against the Consolidated Interest Fund or the Agents’ Indemnity Fund—
subject to paragraph | |
paragraph | |
the claims will be taken to have been made to the Commissioner under Division 3 of Part 8 as amended by the 1988 amending Act and must be dealt with by the Commissioner and the Tribunal in pursuance of that Division as so amended and for the purposes of determining interest payable under that Division they will be taken to have been lodged on the date on which they were originally lodged with the Board or the Tribunal. |
15. (1) In this clause—
"
the 1993 amending Act " means theLand Agents, Brokers and Valuers (Mortgage Financiers) Amendment Act 1993 ;"
mortgage financier " means a person who—
is— | ||||
| ||||
receives money from another on the understanding that the money will be lent to a third person on the security of a mortgage; |
"
trust money " in relation to a mortgage financier, means money received by a mortgage financier in the mortgagefinancier’s capacity as such to which the mortgage financier is not wholly entitled at law and in equity.
(2) For the purposes of this clause, a person is an associate of another if—
they are partners; or | |
one is a spouse, parent or child of the other; or | |
they are both trustees or beneficiaries of the same trust, or one is a trustee and the other is a beneficiary of the same trust; or | |
one is a body corporate and the other is a director of the body corporate; or | |
one is a body corporate and the other is a person who has a legal or equitable interest in five per cent or more of the share capital of the body corporate; or | |
a chain of relationships can be traced between them under any one or more of the above paragraphs. |
(3) This clause applies—
to trust money received by a mortgage financier before the commencement of the 1993 amending Act; and | |
where trust money received by a mortgage financier was lent to another on the security of a mortgage before the commencement of the 1993 amending Act—to trust money received by the mortgage financier (whether before or after that commencement) by way of payment of principal or interest, or both, under that loan. |
(4) Part 8 applies to a mortgage financier as if—
a reference in that Part to an agent were a reference to a mortgage financier; and | |
a reference in that Part to trust money were a reference to trust money to which this clause applies, |
but does not otherwise apply to a mortgage financier.
(5) The power of the Governor to make regulations under this Act includes power to make regulations requiring mortgage financiers to provide specified information to prospective investors or regulating or making provision with respect to any other matter relating to mortgage financiers.
The
Land Agents Act 1955
Land Agents Act Amendment Act 1959
Land Agents Act Amendment Act 1960
Land Agents Act Amendment Act 1964
Business Agents Act 1938
Business Agents Act Amendment Act 1949
Business Agents Act Amendment Act 1951
Business Agents Act Amendment Act 1954 so much of the second schedule to the
Statute Law Revision Act 1957 , as relates to theBusiness Agents Act 1938
Business Agents Act Amendment Act 1963
Land Valuers Licensing Act 1969
Land Valuers Licensing Act Amendment Act 1974 .
Legislative history prior to 3 February 1976 appears in marginal notes and footnotes included in the consolidation of this Act contained in Volume 5 of The Public General Acts of South Australia 1837-1975 at page 478.
Certain textual alterations were made to this Act by the Commissioner of Statute Revision when preparing the reprint of the Act that incorporated all amendments in force as at 28 March 1988. A schedule of these alterations was laid before Parliament on 29 March 1988.
Legislative history since 3 February 1976 (
entries in bold type indicate amendments incorporated since the last reprint ) is as follows:
Long title: | amended by 4, 1985, s. 3 |
Section 1: | substituted by 4, 1985, s. 4 |
Section 2: | deleted in pursuance of the |
is now exhausted
Section 3: | amended by 4, 1985, s. 5; repealed by 128, 1986, Sched. |
Section 4: | amended by 4, 1985, s. 6; repealed by 128, 1986, Sched. |
Section 5: | amended by 4, 1985, s. 7; repealed by 128, 1986, Sched. |
definition of "agent" amended by 4, 1985, s. 8(a); 128, 1986, Sched. definition of "bank" substituted by 128, 1986, s. 3(a); repealed by 17, |
1994, Sched. 4 cl. 4
definition of "banking account" deleted in pursuance of the
Acts
Republication Act, 1967 definition of "the Board" repealed by 4, 1985, s. 8(k)
definition "business" substituted by 4, 1985, s. 8(b)
definition of "business day" inserted by 4, 1985, s. 8(b); amended by
128, 1986, Sched.
definition of "the Commissioner" inserted by 4, 1985, s. 8(k); amended
by 128, 1986, Sched. definition of "date of settlement" amended by 4, 1985, s. 8(c) substituted
by 128, 1986, s. 3(b); 74, 1990, s. 3
definition of "director" substituted by 23, 1991, s. 3(a) definition of "hotel broker" inserted by 45, 1985, s. 3 definition of "interest-bearing trust security" amended by 4, 1985,
s. 8(d); repealed by 128, 1986, s. 3(c)
definition of "land valuer" inserted by 4, 1985, s. 8(e)
definition of "licence" amended by 4, 1985, s. 8(f), (g); 128, 1986,
Sched.
definition of "moneys" repealed and definition of "money" inserted in its
place by 128, 1986, Sched.
definition of "mortgage" inserted by 66, 1988, s. 3(a)
definition of "mortgage financier" inserted by 66, 1988, s. 3(a);
repealed by 8, 1993, s. 3(a) definition of "nominated" amended by 4, 1985, s. 8(h)
definition of "operator" inserted by 4, 1985, s. 8(i)
definition of "prescribed officer" inserted by 4, 1985, s. 8(i); amended
by 23, 1991, s. 3(b)
definition of "prescribed relative" inserted by 23, 1991, s. 3(c)
definition of "putative spouse" inserted by 23, 1991, s. 3(c)
definition of "registered manager" amended by 128, 1986, Sched.
definition of "registered salesman" repealed and definition of "registered
sales representative" inserted in its place by 128, 1986, Sched.
definition of "the Registrar" inserted by 4, 1985, s. 8(k)
definition of "rental accommodation referral business" inserted by
4, 1985, s. 8(j)
definition of "rental accommodation referral contract" inserted by
4, 1985, s. 8(j)
definition of "the repealed Land Valuers Licensing Act" inserted by 4,
1985, s. 8(
definition of "residential tenancy agreement" inserted by 4, 1985, s. 8(j) definition of "salesman" amended by 25, 1982, s. 3; redefined as "sales
representative" by 128, 1986, Sched.
definition of "the secretary" repealed by 4, 1985, s. 8
(l) definition of "spouse" inserted by 23, 1991, s. 3(d)
definition of "the Tribunal" inserted by 4, 1985, s. 8
(l) definition of "trust account" repealed by 128, 1986, s. 3(c)
definition of "trust moneys" repealed by 128, 1986, s. 3(c)
Section 6(2): | amended by 128, 1986, Sched. |
Section 6(5): | inserted by 4, 1985, s. 8(m) |
inserted by 66, 1988, s. 3(b); | |
Part 2 comprising ss. 7 - 12 and heading amended by 25, 1982, ss. 4 - 6; repealed and ss. 7 and 8 inserted in its place by 4, 1985, s. 9 | |
Section 7(3): | amended by 128, 1986, Sched. |
Section 8: | amended by 128, 1986, Sched. |
Section 13: | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 10; substituted by |
128, 1986, Sched.
Section 13A: | inserted by 45, 1985, s. 4; substituted by 128, 1986, Sched. |
Section 14: | substituted by 4, 1985, s. 11 |
Section 14(5): | amended by 128, 1986, Sched. |
Section 15: | amended by 4, 1985, s. 12; substituted by 128, 1986, Sched. |
Section 15(2): | amended by 97, 1987, s. 3 |
Section 16(1): | substituted by 4, 1985, s. 13(a); amended by 128, 1986, Sched. |
Section 16(2): | substituted by 4, 1985, s. 13(a); amended by 128, 1986, Sched.; |
97, 1987, s. 4(a)
Section 16(3): | repealed by 4, 1985, s. 13(a) |
Section 16(4): | substituted by 25, 1982, s. 7; amended by 4, 1985, s. 13(b)-(d); |
128, 1986, Sched.
Section 16(5): | inserted by 25, 1982, s. 7; amended by 4, 1985, s. 13(d); substituted by |
97, 1987, s. 4(b)
Section 16(6): | inserted by 25, 1982, s. 7; substituted by 4, 1985, s. 13(e) |
Section 16(7): | inserted by 25, 1982, s. 7; amended by 4, 1985, s. 13(f) |
Section 17: | substituted by 25, 1982, s. 8; 4, 1985, s. 14 |
Section 17(3)and (4): | amended by 128, 1986, Sched. |
Section 17(5) and (6): | substituted by 55, 1992, s. 11(a) |
Section 17(7): | amended by 128, 1986, Sched. |
Section 17(8): | inserted by 55, 1992, s. 11(b) |
Section 18: | substituted by 25, 1982, s. 8; repealed by 4, 1985, s. 14 |
Section 19: | amended by 4, 1985, s. 15; 128, 1986, Sched. |
Section 20: | repealed by 4, 1985, s. 16 |
Heading preceding section 21: | amended by 128, 1986, Sched. |
Section 21: | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 17; 128, 1986, Sched. |
Section 22(1): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 18(a); 128, 1986, |
Sched.
Section 22(2): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 18(b), (c); 128, 1986, |
Sched.
Section 22(3): | amended by 4, 1985, s. 18(d); 128, 1986, Sched. |
Section 23(1): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 19; substituted by |
128, 1986, Sched.
Section 23(2) and (3): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 19; 128, 1986, Sched. |
Section 24(1): | substituted by 128, 1986, Sched. |
Section 24(2): | definition of "approved stock and station agent" amended by 4, 1985, |
s. 20
Section 25: | substituted by 4, 1985, s. 21 |
Section 25(1) and (5): | amended by 128, 1986, Sched. |
Section 26: | amended by 38, 1977, s. 3; 4, 1985, s. 22; substituted by 128, 1986, |
Sched.; amended by 97, 1987, s. 5
Section 27: | amended by 38, 1977, s. 4; substituted by 25, 1982, s. 9; 4, 1985, s. 23 |
Section 27(1) - (4): | amended by 128, 1986, Sched. |
Section 27(5) and (6): | substituted by 55, 1992, s. 12(a) |
Section 27(7): | amended by 128, 1986, Sched. |
Section 27(8): | inserted by 55, 1992, s. 12(b) |
Section 28: | repealed by 38, 1977, s. 5 |
Section 29: | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 24; substituted by |
128, 1986, Sched.
Section 30(1): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 25(a); 128, 1986, |
Sched.; 23, 1991, s. 4
Section 30(2): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 25(b); 128, 1986, |
Sched.
Section 30(3): | amended by 4, 1985, s. 25(c); 128, 1986, Sched. |
Section 30(4): | amended by 128, 1986, Sched. |
Section 30(5): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 25(d); 128, 1986, |
Sched.
Section 30(6): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 25(e), (f) |
Section 30(7): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 25(g); substituted by |
128, 1986, Sched.
Section 31: | substituted by 4, 1985, s. 26 |
Section 31(5): | amended by 128, 1986, Sched. |
Section 32: | amended by 4, 1985, s. 27; substituted by 128, 1986, Sched. |
Section 32(2): | amended by 97, 1987, s. 6 |
Section 33: | substituted by 25, 1982, s. 10; 4, 1985, s. 28 |
Section 33(3) and (4): | amended by 128, 1986, Sched. |
Section 33(5) and (6): | substituted by 55, 1992, s. 13(a) |
Section 33(7): | amended by 128, 1986, Sched. |
Section 33(8): | inserted by 55, 1992, s. 13(b) |
Section 34: | substituted by 25, 1982, s. 10; repealed by 4, 1985, s. 28 |
Section 35: | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 29; substituted by |
128, 1986, Sched.
Section 36: | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 30 |
Section 37(1): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 31(a); substituted by |
128, 1986, Sched.
Section 37(2): | repealed by 4, 1985, s. 31(b) |
Section 37(3): | amended by 4, 1985, s. 31(c); 128, 1986, Sched. |
Section 38: | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 32; substituted by |
128, 1986, s. 4
Section 38A: | inserted by 128, 1986, s. 4 |
Section 39(1): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 33(a); substituted by |
128, 1986, Sched.
Section 39(2): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s.33(b), (c); substituted |
by 128, 1986, Sched.
Section 40: | amended by 25, 1982, s. 26 (Sched.); repealed by 4, 1985, s. 34 |
Section 41(1): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 35(a); substituted by |
128, 1986, Sched.
Section 41(1a): | inserted by 25, 1982, s. 11; amended by 4, 1984, s. 35(b); repealed by |
128, 1986, Sched.
Section 41(2): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 35(c); substituted by |
128, 1986, Sched.
Section 41(3): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 35(d) |
Section 42: | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 36; repealed by |
128, 1986, s. 5
Section 43: | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 37; repealed by |
128, 1986, s. 5
Section 44: | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 38; 128, 1986, Sched. |
Section 45(1): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 39(a); 128, 1986, |
Sched.
Section 45(2): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 39(b); 128, 1986, |
Sched.
Section 45(3): | substituted by 25, 1982, s. 12(a); |
Section 45(3a): | inserted by 25, 1982, s. 12(a) |
Section 45(4): | amended by 25, 1982, s. 12(b); 128, 1986, Sched. |
Section 46(1): | substituted by 128, 1986, Sched. |
Section 46(2): | amended by 25, 1982, s. 13(a); substituted by 128, 1986, Sched. |
Section 46(2a): | inserted by 25, 1982, s. 13(b); amended by 4, 1985, s. 40(a); 128, 1986, |
Sched.
Section 46(3): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 40(b); substituted by |
128, 1986, Sched.
Section 46(3a): | inserted by 128, 1986, Sched. |
Section 46(4): | amended by 128, 1986, Sched. |
Section 47(1): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 41; substituted by |
128, 1986, Sched.
Section 47(2): | inserted by 4, 1985, s. 41(b) |
Section 48: | definition of "the Board" repealed by 4, 1985, s. 42 definition of "nominated member" repealed by 4, 1985, s. 42 |
Heading preceding section 49: | repealed by 4, 1985, s. 43 |
Section 49: | repealed by 4, 1985, s. 43 |
Section 50: | amended by 25, 1982, s. 14; repealed by 4, 1985, s. 43 |
Sections 51 - 54: | repealed by 4, 1985, s. 43 |
Section 55(1): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 44; substituted by |
128, 1986, Sched.
Section 55(2): | amended by 128, 1986, Sched. |
Section 56: | substituted by 4, 1985, s. 45 |
Section 56(5): | amended by 128, 1986, Sched. |
Section 57: | amended by 4, 1985, s. 46; substituted by 128, 1986, Sched.; amended |
by 97, 1987, s. 7; 98, 1987, s. 3; 23, 1991, s. 5
Section 57A: | inserted by 23, 1991, s. 6 |
Section 58: | substituted by 25, 1982, s. 15; 4, 1985, s. 47 |
Section 58(1): | amended by 23, 1991, s. 7 |
Section 58(3)and (4): | amended by 128, 1986, Sched. |
Section 58(5) and (6): | substituted by 55, 1992, s. 14(a) |
Section 58(7): | amended by 128, 1986, Sched. |
Section 58(8): | inserted by 55, 1992, s. 14(b) |
Section 59: | substituted by 25, 1982, s. 15; repealed by 4, 1985, s. 47 |
Section 60: | repealed by 4, 1985, s. 47 |
Division 2A of Part 7 comprising ss. 59 - 60B and heading inserted by |
23, 1991, s. 8
Section 61(1): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 48(a); substituted by |
128, 1986, Sched.
Section 61(1a): | amended by 128, 1986, Sched. |
Section 61(2): | amended by 4, 1985, s. 48(b); substituted by 128, 1986, Sched. |
Section 61(3): | amended by 4, 1985, s. 48(c); 128, 1986, Sched. |
Section 61(4): | amended by 128, 1986, Sched. |
Section 61(5): | amended by 4, 1985, s. 48(d), (e); substituted by 128, 1986, Sched. |
Section 61(6): | substituted by 4, 1985, s. 48(f) |
Section 61(7): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 48(g) |
Section 61(8): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 48(h); 128, 1986, |
Sched.
Section 61(9): | amended by 25, 1982, s. 26 (Sched.); 4, 1985, s. 48(i); 128, 1986, |
Sched.
Section 61(13): | inserted by 13, 1988, (Sched. 1, cl. 2) |
Part 8 comprising ss. 62 - 76 and heading amended by 25, 1982, ss. 16, 17, 26 (Sched.); 4, 1985, ss. 49 - 61; repealed and ss. 62 - 76g and headings inserted in its place by 128, 1986, s. 6 | |
redesignated as s. 62(1) by 98, 1987, s. 4(d) |
paragraph (b) repealed by 8, 1993, s. 4(a) definition of "associate" inserted by 98, 1987, s. 4(a); repealed by
66, 1988, s. 4(a)
definition of "fiduciary default" substituted by 98, 1987, s. 4(b)
definition of "financial business" inserted by 98, 1987, s. 4(b); repealed
by 66, 1988, s. 4(b)
definition of "financier" inserted by 98, 1987, s. 4(b); repealed by
66, 1988, s. 4(b)
definition of "trust money" substituted by 98, 1987, s. 4(c);8, 1993,
Section 62(2): | inserted by 98, 1987, s. 4(d); repealed by 66, 1988, s. 4(c) |
Section 63(1): | amended by 97, 1987, s. 8(a) |
Section 63(4): | inserted by 97, 1987, s. 8(b) |
Section 68: | substituted by 98, 1987, s. 5 |
Section 75(4): | substituted by 66, 1988, s. 5 |
Section 76(1): | amended by 98, 1987, s. 6(a); 66, 1988, s. 6(a) |
Section 76(3): | amended by 98, 1987, s. 6(b); 66, 1988, s. 6(b) |
Section 76(4): | repealed by 66, 1988, s. 6(c) |
Section 76B: | substituted by 66, 1988, s. 7 |
Section 76C(1): | amended by 66, 1988, s. 8 |
Section 76F: | substituted by 66, 1988, s. 9 Part 8A comprising ss. 77 - 80 and heading inserted by 4, 1985, s. 62 |
Section 77: | substituted by 128, 1986, Sched. |
Section 78(5), (8): | amended by 128, 1986, Sched. |
Section 78(9): | repealed by 128, 1986, Sched. |
Section 79: | substituted by 128, 1986, Sched.; amended by 97, 1987, s. 9 |
Section 80: | amended by 25, 1982, s. 26 (Sched.); substituted by 4, 1985, s. 62 |
Section 80(3)and (4): | amended by 128, 1986, Sched. |
Section 80(5) and (6): | substituted by 55, 1992, s. 15(a) |
Section 80(7): | amended by 128, 1986, Sched. |
Section 80(8): | inserted by 55, 1992, s. 15(b) Part 8B comprising ss. 81 - 82 and heading inserted by 4, 1985, s. 62 |
Section 81(3) and (4): | amended by 128, 1986, Sched. |
Section 82: | amended by 128, 1986, Sched. |
Part 9 comprising ss. 77 - 85 and heading amended by 25, 1982, ss. 18, 19, 26 (Sched.); repealed and ss. 83 - 85B and heading inserted in its place by 4, 1985, s. 62 | |
Section 85(1a): | inserted by 128, 1986, s. 7 |
Section 85A(1) - (3): | amended by 128, 1986, Sched. |
Section 85A(4): | amended by 128, 1986, Sched.; 98, 1987, s. 7; 23, 1991, s. 9 |
Section 85A(4)(ba): | repealed by 23, 1991, s. 9 |
Section 85A(5) and (6): | amended by 128, 1986, Sched. |
Section 85A(8): | inserted by 128, 1986, s. 8 |
Section 85C: | inserted by 55, 1992, s. 16 |
Section 86(1): | substituted by 62, 1982, s. 3(6) (Sched. Pt. 6) |
Section 86(2): | substituted by 128, 1986, Sched. |
Section 86(3): | amended by 25, 1982, s. 26 (Sched.); 128, 1986, Sched. |
Section 86(4): | amended by 128, 1986, Sched. |
Section 86(5) and (6): | substituted by 128, 1986, Sched. |
Section 86(7): | repealed by 4, 1985, s. 63 |
Section 87(1): | redesignated as s. 87 in pursuance of the |
Section 87(2): | repealed by 4, 1985, s. 64 |
Section 87A: | inserted by 74, 1990, s. 4 |
Section 88: | amended by 25, 1982, s. 20; 4, 1985, s. 65; 128, 1986, s. 9, Sched.; |
substituted by 74, 1990, s. 5
Section 89(2): | amended by 128, 1986, Sched. |
Section 89(3): | amended by 25, 1982, s. 21 |
Section 89(5): | inserted by 1, 1979, s. 2 |
Section 90: | amended by 25, 1982, ss. 22, 26 (Sched.); 4, 1985, s. 66; 128, 1986, s. 10, Sched; 13, 1988, (Sched. 1 cl. 2); substituted by 74, 1990, s. 6 |
Section 91: | amended by 25, 1982, s. 23; 4, 1985, s. 67; 128, 1986, s. 11, Sched.; |
substituted by 74, 1990, s. 6
Section 91A: | inserted by 4, 1985, s. 68; amended by 128, 1986, s. 12, Sched.; |
substituted by 74, 1990, s. 6
Sections 91B - 91I: | inserted by 74, 1990, s. 6 |
Section 92: | substituted by 4, 1985, s. 69; amended by 128, 1986, Sched.; 74, 1990, |
s. 7
Sections 93 and 94: | substituted by 4, 1985, s. 69; amended by 128, 1986, Sched. |
Section 95: | repealed by 4, 1985, s. 69 |
Section 96: | substituted by 128, 1986, Sched. |
Section 97: | repealed by 4, 1985, s. 70; inserted by 128, 1986, s. 13; substituted by |
97, 1987, s. 10
Section 98(1): | amended by 25, 1982, s. 26 (Sched.); substituted by 128, 1986, Sched. |
Section 98(2): | substituted by 128, 1986, Sched. |
Section 98A: | inserted by 25, 1982, s. 24 |
inserted by 66, 1988, s. 10; | |
Sections 99 and 100: | substituted by 4, 1985, s. 71; amended by 128, 1986, Sched. |
Section 100A: | inserted by 4, 1985, s. 71 |
Section 100A(1): | amended by 128, 1986, Sched. |
Section 101(2): | substituted by 4, 1985, s. 72 |
Section 101(3): | inserted by 4, 1985, s. 72; substituted by 128, 1986, Sched.; amended by |
43, 1987, s. 17
Section 101(4): | inserted by 4, 1985, s. 72; amended by 128, 1986, Sched. |
Section 102: | repealed by 4, 1985, s. 73 |
Sections 103 and 104: | amended by 128, 1986, Sched. |
Section 105: | substituted by 4, 1985, s. 74 |
Section 105A: | inserted by 4, 1985, s. 74 |
Section 105A(1): | amended by 128, 1986, Sched.; 74, 1990, s. 8 |
Sections 105B and 105C: | inserted by 4, 1985, s. 74 |
Section 105C(2): | amended by 128, 1986, s. 14 |
Section 105C(3): | amended by 128, 1986, Sched. |
Section 106: | repealed by 128, 1986, Sched. |
Section 107(1): | amended by 25, 1982, s. 25; amended and redesignated as s. 107(1) by 4, 1985, s. 75; amended by 45, 1985, s. 5; 128, 1986, Sched.; 97, 1987, s. 11(b); 66, 1988, s. 11 |
Section 107(1)(b) and (c): | repealed by 97, 1987, s. 11(a) |
Section 107(1)(i) - (k): | repealed by 128, 1986, s. 15 |
Section 107(1)(p): | repealed by 4, 1985, s. 75(d) |
Section 107(2): | inserted by 4, 1985, s. 75(h) |
inserted by 128, 1986, s. 16 | |
Clause 1: | definition of "the 1988 amending Act" inserted by 66, 1988, s. 12(a) |
Clause 12(b): | repealed by 66, 1988, s. 12(b) |
Clause 13: | substituted by 66, 1988, s. 12(c) |
Clause 14: | inserted by 66, 1988, s. 12(c) |
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