270. Insurance cover for clients' money.

270.     Insurance cover for clients' money.

As from a day to be appointed1 a person may not accept clients' money2 in the course of estate agency work3 unless there are in force authorised arrangements under which, in the event of his failing to account for such money to the person entitled to it, his liability will be made good by another4, and no person carrying on estate agency work will be permitted to use the description 'estate agent' or so use any name or in any way hold himself out as to indicate or reasonably be understood