Queensland Consolidated Acts

AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 42

42 Chief executive may give directions about agent’s accounts in particular cases

(1) The chief executive may decide to give a direction under subsection (2) if the chief executive believes, on reasonable grounds—

(a) any of the following persons has, or may have, stolen or misappropriated or misapplied trust money—

(i) an agent;

(ii) the person in charge of an agent’s business;

(iii) an employee of an agent; or

(b) an agent has abandoned the agent’s business.

(2) The chief executive may direct, by signed writing—

(a) if a claim has been made against the fund for the trust money—that all or part of the amount to the credit of a stated account be paid to the chief executive; or

(b) that an amount must not be drawn from a stated account other than with the chief executive’s written approval; or

(c) that a stated account may be operated only under stated conditions.

(3) The direction must—

(a) be given to each holder of the account and the financial institution where the account is kept; and

(b) state the account to which it relates; and

(c) if it includes a direction under subsection (2) (c) , state the conditions under which the account may be operated.

(4) If an amount is paid to the chief executive under subsection (2) (a) , the chief executive must pay the amount to the consolidated fund.