New South Wales Consolidated Acts

LAND ACQUISITION (JUST TERMS COMPENSATION) ACT 1991 - SECT 51

51 Trust account

(1) An authority of the State is required to keep a trust account in connection with compensation payable under this Part.

(2) The authority of the State must pay into the trust account any amount of compensation which is required by this Act to be paid into the trust account.

(3) The authority of the State may pay into the trust account any amount of compensation which is authorised by this Act to be paid into the trust account.

(4) Money in the trust account is held in trust for the person entitled to the compensation concerned.

(5) Money in the trust account is, after the expiration of 6 years after the acquisition of the land to which it relates, to be paid to the Treasurer for payment into the Consolidated Fund if no claim for the compensation concerned has been made. Any payment of the compensation concerned required to be made after that time is to be made from the Consolidated Fund, which is appropriated accordingly.

(6) If the authority of the State is a local government authority, payment of the money to the Treasurer under subsection (5) is discretionary.

(7) Money in the trust account may be invested by the authority of the State--

(a) if the authority of the State is a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018 --in any way that the authority of the State is permitted to invest money under that Part, or

(b) if the authority of the State is not a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018 --in any way approved by the Treasurer.