Housing Development Agency Act, 2008
R 385
Trust Property Control Act, 1988 (Act No. 57 of 1988)10. Trust account |
| (1) | Whenever a person receives money in his capacity as trustee, he shall deposit such money in a separate trust account at a banking institution or building society. |
| (2) | A trustee must disclose their position as trustee to any accountable institution with which the trustee engages in that capacity, and must make it known to the accountable institution that the relevant transaction or business relationship relates to trust property. |
[Section 10(2) inserted by section 4 of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022), GG47802, dated 29 December 2022 - effective 1 April 2023 per Proclamation Notice 109(b), GG47805, dated 31 December 2022]
