Queensland Consolidated Acts

AGENTS FINANCIAL ADMINISTRATION ACT 2014 - SECT 50

50 How receivers are appointed

(1) The chief executive must appoint a receiver by signed notice.

(2) The notice must state the trust property (
"receivership property" ) over which the receiver is appointed.

(3) The appointment takes effect when the notice is signed.

(4) The chief executive must give a copy of the notice to the agent and the receiver as soon as practicable after the signing of the notice.

(5) If the agent is a corporation, the agent must give notice of the appointment to each person who was an executive officer of the corporation at the time the event giving rise to the appointment happened, unless the agent has a reasonable excuse.

Penalty—

Maximum penalty for subsection (5) —

(a) for an individual guilty of an offence under chapter 2 of the Criminal Code —100 penalty units; or

(b) for a corporation—500 penalty units.