Arrangement of Sections

1. Short title.

2. Interpretation.

3. Persons and classes of persons affected.

4. Scheduled persons’ accounts.

5. Client’s money to be paid into a bank.

6. What moneys to be paid into a client account.

7. Withdrawing of moneys from a client account.

8. What moneys need not be paid into a client account.

9. Complaint in respect of non-compliance.

10. Evidence and deposit of cost before instituting inspection of account.

11. Registrar of Companies may require production of scheduled person’s books.

12. Scheduled person to produce documents, etc.

13. Notice to scheduled person: how made.

14. Registrar of Companies’ steps on receipt of report.

15. Attorney-General may prosecute.

16. Scheduled person to furnish particulars.

17. Preservation of books of account.

18. Penalties.

19. Consent of Attorney-General.

20. Saving of scheduled person’s rights.

21. Regulations.

22. Relief to banks.


2 of 1979,

2 of 1990.

[Date of commencement: 1st January 1982]

1. Short title.

This Act may be cited as the Control and Protection of Clients’ Accounts Act.

2. Interpretation.

In this Act unless the context otherwise requires—

“bank” means a bank licenced as a bank under the Financial Institutions Act and includes the Seychelles Saving Bank constituted under the Savings Bank Act;

“client” means any person on whose behalf moneys are received by a scheduled person;

“Auditor General” means the Auditor General appointed under the Audit Act;

“prescribed investment” means an investment prescribed by the Minister, for the purposes of section 5(2);

“Registrar of Companies” means the Registrar of Companies appointed under the Companies Act;

“scheduled person” means any person or class of persons set out in the Schedule.

3. Persons and classes of persons affected.

(1) This Act shall apply to the persons or classes of persons set out in the Schedule, notwithstanding that any particular person or class of persons is governed by any other law.

(2) The Minister may, by order published in the Gazette, amend the Schedule by adding to or deleting therefrom any person or class of persons.

4. Scheduled persons’ accounts.

(1) Every scheduled person shall keep such books and accounts as may be necessary to show and distinguish in connection with his business or profession—

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