Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 11B

11B What are the beneficial interests in a project trust

(1) The beneficiaries of a project trust for a contract have a beneficial interest in—

(a) for a subcontractor for the contract (as beneficiary)—all amounts the subcontractor is entitled to be paid in connection with project trust subcontracts; or

(b) for the contracted party for the contract (as beneficiary)—the remainder for the trust.

(2) In this section—

"remainder" , for a project trust, means the amount still held in trust after subtracting all amounts subcontractor beneficiaries are entitled to be paid in connection with project trust subcontracts.