Commonwealth Consolidated Acts

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Administrator to maintain separate bank account

             (1)  A person who is:

                     (a)  either:

                              (i)  a registered debt agreement administrator; or

                             (ii)  a registered trustee; and

                     (b)  the administrator of one or more debt agreements;

must pay all money received by the person from debtors under those debt agreements to the credit of a single interest-bearing bank account that:

                     (c)  bears:

                              (i)  the person's own name; and

                             (ii)  the words "--Debt Agreement Administration Trust Account"; and

                     (d)  complies with such other requirements (if any) as are specified in the regulations.

             (2)  The person must only pay into the account money received by the person from debtors under debt agreements.

          (2A)  The person must not pay any money out of the account otherwise than:

                     (a)  for purposes related to the administration of debt agreements; or

                     (b)  in accordance with this Act; or

                     (c)  in accordance with a direction of the Court.

             (3)  The person is entitled, in his or her personal capacity, to each payment of interest on the account, less an amount equal to the bank fees or charges (if any) paid or payable on the account during the period to which the interest relates.

             (4)  Interest on money in the account is not subject to taxation under a law of the Commonwealth, a State or a Territory except as provided in Part 2 of the Bankruptcy (Estate Charges) Act 1997 .

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