New South Wales Consolidated Acts New South Wales Consolidated ActsWhen the operator of a community receives any money under a selling agency agreement (except sale commission payable to the operator under the agreement), the operator holds the money in trust and must--
(a) deposit the money, as soon as possible but within 7 days after receiving it, in an ADI account that is--(i) used only for depositing money under selling agency agreements, and(ii) opened in the name of the operator, and(iii) entitled "sales trust account", and
(b) when the sale is completed, pay the proceeds at the direction of the home owner, after deducting--(i) any amounts owing to the operator by way of expenses or commission under the selling agency agreement, and(ii) any other fees and charges owing to the operator under the site agreement.
Note : The Interpretation Act 1987 defines an ADI as an authorised deposit-taking institution within the meaning of the Banking Act 1959 of the Commonwealth.