The Auctioneers Rules

2. Interpretation

Edition: 2022-12-31 · In force

2. Interpretation

In these Rules, unless the context otherwise requires—"accountant’s certificate" means certificate issued under rule 25;"client" means a person on whose account an auctioneer holds or receives clients’ money;"client account" means a current or deposit account at a bank or with a building society or a financial institution (as defined under the Banking Act (Cap. 488) in the name of the auctioneer but in the title of which either the word "client" or the word "trust" appears;"client money" means money held or received by an auctioneer on account of a person for whom he is acting in relation to the holding or receipt of such money either as auctioneer or, in connection with his practice as an auctioneer agent, bailee, trustee, stakeholder or in any other capacity, and includes—

(a)money held or received by an auctioneer by way of deposit against fees to be earned or disbursements to be incurred; and

(b)money held or received as or on account of a trustee, whether or not the auctioneer is sole trustee or trustee with others, but does not include—

(i)money to which the only person entitled is the auctioneer himself, or in the case of a firm of auctioneers one or more of the partners in the firm; or

(ii)money held or received by an auctioneer in payment of, or on account, of an agreed fee in any matter;

"money" includes bank notes, currency notes, certificates of deposit, bank drafts, cheques and any other negotiable instruments;"trustee" includes executor, administrator, manager under the Mental Treatment Act (Cap. 248), trustee of a will or settlement, trustee in bankruptcy, receiver or liquidator.

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Source: Kenya Law