Section 59

Every licensed trust company must ensure that all moneys, property, securities, specified securities‑based derivatives contracts and units in a collective investment scheme received or held by the licensed trust company in a fiduciary capacity are always kept distinct and in separate accounts from its own moneys, property, securities, specified securities‑based derivatives contracts and units in a collective investment scheme and marked in its books for each particular trust, so that they may be distinguished from any other assets shown in the registers and other books of account kept by it and so that the trust moneys do not form part of, or are not mixed with, its general assets.

Every licensed trust company must ensure that all investments made by it as trustee are designated so that the trusts to which the investments belong may be readily identified at any time.

Any licensed trust company which contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.