LAND AGENTS

New Zealand Times, Volume XXXVI, Issue 8171, 12 July 1912, Page 2

LAND AGENTS

MB WITTY'S BILL. Mr Witty's Land Agents' Registration Bill provides for the licensing of all land agents. Transfers can be made if approved-by the Magistrate's Court on payment of a fee of 10s. In regard _to treat money the following clause ie inserted :—(1) All moneys received by a land agent in_ respect of any sale of land shall be applied as follows: (a) In payment of the expenses, commission, and other charges of or incidental to the sale; (b) in payment of the balance (if any) to the person on whose behalf the sale was made or as he may direct; and until payment of such balance shall he paid into a bank to a separate trust account. (2) Every land agent who commits a breach of this section is liable to a fine not exceeding JESO. (3) Moneys paid into such trust account shall not be available for payment of the debt of any other creditor of the land tge-it, or be liable to be attached or taken in execution under the order or pro: ess of any court at the instance of any sash creditor. Another clause states: Every land agent is liable on indictment to two years’ imprisonment with hard labor who (a) fraudulently converts to his own use any moneys received by him in respect of any sale of land or any part thereof; or (b) fraudulently renders an account of any such moneys knowing the same to bo false in any material particular.