TRUST ACCOUNTS
Press Association. AUCKLAND, May 19. In the course of a case in which a former member of the Stock Exchange was charged with breaches of the Bankruptcy Act, Mr Hall Jones, who appeared for the prosecution, said that the office which he represented had been strenuously endeavouring to secure a regulation whereby all sharebrokers would be compelled to keep trust accounts of their clients’ money. When it was remembered that solicitors had to have their trust accounts, audited, this x was a very reasonable request to make. In reply the Magistrate said: —“X see no reason why. sharebrokers sould not be brought into lino with solicitors and land agents, and be com. polled to keep a separate trust account into which all clients’ i moneys should bo paid. That would mean that, in a case like the present, sc long as the defendant did not mix his own money with his clients* moneys, no matter what his own personal financial position might bo, hi» clients would not suffer. Their trust moneys would bo protected by law."-
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Bibliographic details
New Zealand Times, Volume XXXVIII, Issue 8737, 20 May 1914, Page 8
Word Count
178TRUST ACCOUNTS New Zealand Times, Volume XXXVIII, Issue 8737, 20 May 1914, Page 8
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